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Research Tree offers ROYAL DUTCH SHELL PLC-A SHS research coverage from 7 professional analysts, and we have 14 reports on our platform.
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|03/10/2016 16:15:00||PR Newswire||Royal Dutch Shell Plc: Advance Notice of Q3 2016 Results Announcement|
|22/09/2016 15:38:00||PR Newswire||Royal Dutch Shell plc: Notification and Public Disclosure in Accordance with the Requirements of the EU Market Abuse Regulation of Transactions by Persons Discharging Managerial Responsibilities|
|20/09/2016 17:16:00||PR Newswire||Royal Dutch Shell plc: Notification and Public Disclosure in Accordance with the Requirements of the EU Market Abuse Regulation of Transactions by Persons Discharging Managerial Responsibilities|
|19/09/2016 11:13:00||PR Newswire||Royal Dutch Shell Plc: Issuance of New Shares|
|12/09/2016 11:48:00||PR Newswire||Royal Dutch Shell plc: Additional Listing|
|05/09/2016 13:45:00||PR Newswire||Royal Dutch Shell plc: Holdings in Company|
|31/08/2016 14:19:00||PR Newswire||Royal Dutch Shell plc: Voting Rights and Capital|
Frequency of research reports
Research reports on ROYAL DUTCH SHELL PLC-A SHS
Providers covering ROYAL DUTCH SHELL PLC-A SHS
The lure of the dividend
05 Oct 16
Shell has reorganised and recategorised its business. Our new forecasts are built round this view. They demonstrate that the company should be able to maintain its dividend down to flat US$50/bbl oil; even at flat US$40/bbl, gearing would only breach Shell’s target 30% ceiling if divestments were half the planned receipts. We conclude that the dividend is sustainable except on the harshest of macro views and we believe management is committed to it. At 7.6% (A shares), Shell is the only large cap UK company offering a yield above 7%. Based on a perpetuity valuation we believe the dividend is undervalued in the market and we set a 2,300p per share price target and a Buy recommendation. We note that the shares were hit hard by the disappointing 2Q16 result which, we believe has sharpened the buying opportunity.
First view: Disappointing in all divisions; Production under pressure
28 Jul 16
The company reported clean net income well below expectations at €1bn vs. $2.2bn expected, and compared to $3.8bn reported last year. By division: 1) Integrated gas’s clean income was down 38% yoy to $868m. The fall in oil and LNG prices explain the decrease. But there were also higher depreciation charges including a step-up resulting from the BG acquisition. The consolidation resulted in higher operating expenses. Production in Q2 16 was up from 604kbpd last year to 880kbpd with liquids up 10% and natural gas production by 63%. 2) Upstream came in negative at $-1.3bn compared to $-469m a year ago and $-1.43bn in Q1 16, for the same reasons as the integrated gas results’ decrease. Production was up 2.6mbpd compared to 2.1mbpd a year ago. Liquid production increased by 24% and natural gas by 23%. 3) Downstream was down 39% yoy to $1.8bn. Within the division: a. Oil products were down 35% to $1.57bn with Trading & Refining accounting for $459m and Marketing $1.1bn. In trading & refining, the results divided by 3 yoy with only negative points: lower refining margin, lower volumes, weaker operating performance and increased taxation. Marketing improved slightly thanks to lower costs and stronger underlying unit margins. b. Chemicals’ earnings came in at $248m in Q2 16, half of last year’s. The weaker base chemicals industry in the US and the impact of the shutdown of a unit at Bukom in Singapore explained the decrease. Cash flow from operations was $2.3bn, including a negative working capital movement of $2.5bn. Even excluding the working capital movement there would just be enough to pay the dividend and interest of $3.7bn + $0.7bn. Capex was $5.7bn. Gearing at the end of Q2 16 was 28.1%. A dividend of $0.47/share was announced, as expected.
VSA Morning Flow Test
04 May 16
In its Q1 2016 results Shell (RDSB) made revenues of US$48.6bn (-26% YoY) with net profit of US$455m for the period (-90% YoY). CCS earnings attributable to shareholders were US$814m (-83% YoY), however, excluding identified items CCS earnings were US$1.6bn (-58% YoY) which was better than the consensus figure of cUS$1.2bn. CCS earnings were, unsurprisingly, brought into the black by the downstream and integrated gas segments which made a profit of US$2bn and US$1bn versus the US$1.4bn loss made by its upstream segment. The interim dividend has been maintained at US$0.47 equal to Q1 2015.
The end of the world as we know it?
10 Mar 16
According to the LSE stats there was no Oil & Gas fundraising activity on the main market during 2015 and just £1.2m raised on AIM. The chart below clearly demonstrates the pain that oil producers are feeling with global prices having been in almost constant decline since mid-2014. Both Brent and West Texas Intermediate are now hovering between $30 and $40 per barrel having rebounded from their lows over recent weeks.
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21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.