Shell Stock Faces A Tougher Test As Erste Downgrade Lands Before Q1 Results
Shell shares fell 3.2% in New York after Erste Group downgraded the stock to “hold,” citing doubts over profit sustainability ahead of first-quarter results. Amsterdam-listed shares dropped 5% over 30 days. Shell faces ongoing disruption at its Pearl GTL plant in Qatar, expected to take a year to repair. The company agreed to buy ARC Resources for $13.6 billion to expand its gas reserves.