5 Best Hydrogen and Fuel Cell Stocks To Buy For 2024

4. Shell plc (NYSE:SHEL)

Number of Hedge Fund Holders: 49

Shell plc (NYSE:SHEL), an energy and petrochemical company, operates worldwide. Shell plc (NYSE:SHEL) engages in the exploration, extraction, and selling of crude oil, natural gas, natural gas liquids, low-carbon fuels, lubricants, bitumen, and petrochemicals. The company also generates electricity through renewable resources, sells hydrogen, and provides electric vehicle charging services. It is one of the top hydrogen stocks to monitor. 

On November 2, Shell plc (NYSE:SHEL) declared a quarterly dividend of $0.662 per American depository share, in line with previous. The dividend is payable on December 20, to shareholders of record as of November 17. The board also initiated a $3.5 billion share repurchase initiative spanning approximately three months. 

According to Insider Monkey’s third quarter database, 49 hedge funds were bullish on Shell plc (NYSE:SHEL), compared to 43 funds in the last quarter. Boykin Curry’s Eagle Capital Management is a prominent stakeholder of the company, with nearly 17 million shares worth over $1 billion. 

Third Point Management made the following comment about Shell plc (NYSE:SHEL) in its second quarter 2023 investor letter:

“We initiated a position in Shell plc (NYSE:SHEL) in the summer of 2021 and highlighted the company’s significant discount to intrinsic value as well as to US-listed peers after decades of poor performance. While shares have performed well since we initiated the investment, the company still trades at a staggering discount to intrinsic value and represents a compelling investment at current levels. We initially argued (and still believe) that the fastest path to improved performance and better valuation would be a separation of Shell’s business units to better attract shareholders and improve accountability, the latter of which was essential when the company was in the hands of executives who had demonstrated virtually no focus on shareholder value creation.

The most important change at Shell over the past two years has been the upgrade in the management team, with the appointments of Wael Sawan as CEO and Sinead Gorman as CFO. They have demonstrated an unwavering commitment to shareholder value, capital discipline, and improved returns. At their recent analyst day, Mr. Sawan stated “underpinning all that we do will be a ruthless focus on performance, discipline, and simplification.” It was the third time they used the term “ruthless” in their presentation, sending a strong message to shareholders…” (Click here to read the full text)