TD Cowen boosted target for Shell stock to USD 115

Published on 10/08/2026 at 11:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Shell guided a USD 42.00 refining margin for the third quarter. Shell stock costs EUR 43.83 on October 8, 2026, up 1.39 percent from EUR 43.23.

Industriearbeiter mit Helm bedient Rohrventil an Tanker-Verladestation, Schwarz-Weiß-Reportage — Shell plc GB00BP6MXD84: dokumentarische Schwarz-Weiß-Aufnahme eines Industriearbeiters mit Helm an einer Tanker-Verladestation, Illustration mit AI erstellt.

Shell stock (ISIN GB00BP6MXD84) was trading at EUR 43.83 at Lang & Schwarz on October 8, 2026 at 11:30 a.m. CEST, plus 1.39 percent versus the prior close of EUR 43.23. TD Cowen had boosted its Shell target from USD 107.00 to USD 115.00 on September 28, 2026, according to MarketBeat.

Refining margin reaches USD 42

Shell's latest operating signal is the projected refining margin of USD 42.00 per barrel for the third quarter, up from USD 24.00 in the second quarter. The Business Times reported the outlook on October 7, 2026, alongside a forecast for integrated gas production of 740,000 to 780,000 barrels of oil equivalent per day.

The comparison matters because the margin is a direct indicator of the spread Shell can capture between crude input costs and refined products. The same update put third-quarter liquefied natural gas production at 7.20 million to 7.60 million metric tons, compared with 7.70 million metric tons in the second quarter.

Analyst target leaves a clear gap

TD Cowen's move gives Shell stock a USD 115.00 target in the original currency of the analyst note. The target is not interchangeable with the euro quotation, but it provides a separate view of valuation for the London-listed energy group.

MarketBeat listed 18 analyst ratings for Shell, with 8 Buy ratings and 10 Hold ratings in its latest summary. Its average target was USD 106.08, while the highest target was USD 122.40 and the lowest was USD 90.00.

Quarterly results set for October 29

Shell's second-quarter results, released on July 30, 2026, included adjusted earnings of USD 9.80 billion and cash flow from operations of more than USD 21.00 billion, according to Shell. Those figures provide the latest completed quarterly baseline before the third-quarter update.

The next quarterly results are scheduled for October 29, 2026. Until then, the key tension is visible in the contrast between stronger refining economics and the forward-looking nature of the production ranges.

Shell stock trades above EUR 43

Shell was trading at EUR 43.83 at Lang & Schwarz on October 8, 2026 at 11:30 a.m. CEST, plus 1.39 percent versus the Lang & Schwarz prior close of EUR 43.23. The further course of trading is shown by the continuously updated real-time quote of Shell stock.