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Stock Analyst Update

Raising Fair Value Estimates on Shell, BP and Total

Higher-near term oil prices leads to increased valuation estimates.

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With an updated oil forecast, we have increased our fair value estimates for Shell (SHEL), BP (BP), and TotalEnergies (TTE) by 18% on average.

Our stock valuation models now include Brent crude oil prices of $101 per barrel and $95 per barrel in 2022 and 2023, respectively, while our long-term midcycle price assumption remains $60 per barrel for Brent.

Allen Good does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.