Goldman downgrades Shell over ‘relatively expensive’ valuation versus competitors

Shares in Shell dropped 2% on Monday as Goldman Sachs downgraded the big oil company as its period of “outperformance” led to “a relatively expensive valuation vs peers,” its analysts said.

The... Shares in Shell dropped 2% on Monday as Goldman Sachs downgraded the big oil company as its period of “outperformance” led to “a relatively expensive valuation vs peers,” its analysts said. The report highlighted how the EU big oil sector SXEP generated a “strong” free cash flow generation in the third quarter amounting to $44.8 billion.

“On our estimates, we expect Shell to offer circa 8.7% total returns to shareholders in dividends and buybacks, which considerably lags the peer average of 11.6%. In this context, we find more attractive combinations of dividends and buybacks across our coverage,” he added.

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