Shares in oil and gas major Shell are not that far away from the record peak reached earlier this year, despite soggy oil and gas prices, say analysts at AJ Bell.

The company’s preferred profit metric is adjusted EBITDA and the analysts’ consensus forecast is $14.3 billion, down from $16bn figure recorded in the third quarter of 2024.

Shell paid out a dividend of $0.3580 in the first two quarters of the year, equivalent to around $2.1bn a quarter, and it supplemented those payments with $6.8bn in share buybacks.

Management announced a $3.5bn buyback for the third quarter and analysts and shareholders will be looking for a further programme in the fourth.

Assuming an unchanged run rate, Shell is on track to return around $22bn to its investors this year, or around 10.5% of its current stock market capitalisation, although fellow oil majors TotalEnergies and Aramco have both reduced cash returns to investors this year and cited weak hydrocarbon prices as a major reason why.

C&C

First half net revenue at Tennent’s owner C&C is expected to come in 4% below last year because of changes to distribution.

In a trading update last month the Dublin-based group, now headed by former AG Barr chief Roger White, said its core brands Tennent’s and Bulmers showed revenue growth. Efforts to revitalise Magners UK have begun after its control was transferred back to C&C Group in January.

DIARY

Tuesday 28 October

• First-half results from C&C (owner of Tennent’s)
• Q3 figures from HSBC
• BRC UK shop prices

Wednesday 29 October

• Quarterly results or trading statements from Aston Martin Lagonda and Glencore
• Federal Reserve interest rate decision

Thursday 30 October

• Quarterly results or trading updates from Shell, Standard Chartered and WPP
• Nationwide UK house price index
• ECB interest rate decision