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Activists Caution Shell (SHEL) Over Emission Target Liability
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A group of environmental activists who won a court case against the oil giant Shell plc (SHEL - Free Report) in a Dutch court last year warned the British company’s board about a likely personal responsibility if it is unsuccessful at implementing the verdict.
Last year, Hague District Court directed Shell to cut down carbon emissions produced by the company, its suppliers and its consumers by a margin of 45% by 2030 from the 2019 levels. The consequences of this judgment are likely to impact energy companies worldwide. However, SHEL is appealing against the ruling.
The activist group — Friends of the Earth/Milieudefensie — stated that it sent a letter to Shell’s board and other representatives, including the company CEO Ben van Beurden, mentioning that the company was not working to implement the judgment.
Milieudefensie claimed that the oil major spends more on fossil fuels than sustainable and renewable energy.
However, Shell said that it is obeying the verdict of the court in most respects and that it is examining the Mileudefensie letter. The company also mentioned that the court had given it full discretion on how to go about the reduction in emissions by 2030. "Our strategy and the actions we are taking position us well towards meeting the court’s obligations," Shell remarked.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 earnings is projected at $9.84 per share, up about 82.9% from the projected year-ago earnings of $5.38.
Exxon Mobil’s stock has gone up 54% in a year. The Zacks Consensus Estimate for XOM’s 2022 earnings has been revised about 42.8% upward over the past 60 days from $6.89 per share to $9.84.
PBF Energy’s stock has increased 98.8% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 156.2% over the past 60 days from $1.53 to $3.92 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $3.92 per share, up about 256.8% from the projected year-ago loss of $2.50.
The Zacks Consensus Estimate for Cenovus Energy’s 2022 earnings is pegged at $2.97 per share, up 266.7% from the projected year-ago earnings of 81 cents.
Cenovus Energy’s stock has rallied 120.6% in a year. The Zacks Consensus Estimate for CVE’s 2022 earnings has been revised 67.8% upward over the past 60 days.
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Activists Caution Shell (SHEL) Over Emission Target Liability
A group of environmental activists who won a court case against the oil giant Shell plc (SHEL - Free Report) in a Dutch court last year warned the British company’s board about a likely personal responsibility if it is unsuccessful at implementing the verdict.
Last year, Hague District Court directed Shell to cut down carbon emissions produced by the company, its suppliers and its consumers by a margin of 45% by 2030 from the 2019 levels. The consequences of this judgment are likely to impact energy companies worldwide. However, SHEL is appealing against the ruling.
The activist group — Friends of the Earth/Milieudefensie — stated that it sent a letter to Shell’s board and other representatives, including the company CEO Ben van Beurden, mentioning that the company was not working to implement the judgment.
Milieudefensie claimed that the oil major spends more on fossil fuels than sustainable and renewable energy.
However, Shell said that it is obeying the verdict of the court in most respects and that it is examining the Mileudefensie letter. The company also mentioned that the court had given it full discretion on how to go about the reduction in emissions by 2030. "Our strategy and the actions we are taking position us well towards meeting the court’s obligations," Shell remarked.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at the following companies — Exxon Mobil (XOM - Free Report) , PBF Energy (PBF - Free Report) and Cenovus Energy (CVE - Free Report) — each sporting a similar Zacks Rank. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 earnings is projected at $9.84 per share, up about 82.9% from the projected year-ago earnings of $5.38.
Exxon Mobil’s stock has gone up 54% in a year. The Zacks Consensus Estimate for XOM’s 2022 earnings has been revised about 42.8% upward over the past 60 days from $6.89 per share to $9.84.
PBF Energy’s stock has increased 98.8% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 156.2% over the past 60 days from $1.53 to $3.92 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $3.92 per share, up about 256.8% from the projected year-ago loss of $2.50.
The Zacks Consensus Estimate for Cenovus Energy’s 2022 earnings is pegged at $2.97 per share, up 266.7% from the projected year-ago earnings of 81 cents.
Cenovus Energy’s stock has rallied 120.6% in a year. The Zacks Consensus Estimate for CVE’s 2022 earnings has been revised 67.8% upward over the past 60 days.