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The price of North Sea Brent oil is currently around $90 per barrel. This high price level has a positive impact on companies like Shell and ENI as they are expected to make high profits. The US bank JPMorgan therefore still sees a lot of potential for these companies.
According to JPMorgan analyst Christyan Malek, Shell shares remain rated “Overweight.” Due to high oil prices, he expects continued high returns for the British company's shareholders. The fair value remains unchanged at 3,250 British pence (approx. 37.30 euros), which is around 20 percent above the current price. Malek’s investment rating for the ENI shares is also “Overweight”. The price target of 19.50 euros remains, which means a potential of 26 percent.
According to Malek's forecasts for 2024, Shell and ENI have significantly better performance than consensus estimates. In addition to the two companies, Total Energies is also one of Malek's preferred stocks in the oil sector.
Malek emphasizes that geopolitical tensions in the Middle East are currently the decisive factor for oil prices and therefore also for energy stocks, which have risen above average since last month.
It remains to be seen how long the current strong phase in oil prices will last in a weak market environment. However, the outlook for Shell and ENI remains positive. The cheaply valued dividend pearls with strong chart techniques remain attractive. The stop prices can initially be left at 10.90 euros for ENI and 24.00 euros for Shell.