Several Wall Street firms have moved to raise their price targets on Shell (LON: SHEL) shares following the energy major’s third-quarter results, citing strong cash generation and an increased share buyback.

Shell reported adjusted profit of $10.8 billion for the third quarter on Thursday, compared with $5.4 billion a year earlier. The company also launched a new $5 billion share buyback, to be completed by the release of its fourth-quarter results on Feb. 4, 2027.

On its US-listed shares, Wells Fargo raised its target to $116 from $105 and kept an Equal Weight rating. Analyst Sam Margolin told investors in a note that the market welcomed the larger buyback alongside debt reduction.