Shell gained nearly 1% in London as Jefferies today confirmed its 'buy' recommendation on the stock, with a target price of £30.

The stock remains the analyst's top pick in Europe's integrated oil and gas sector, following the announcement of fourth-quarter results.

These results have indeed reinforced the broker's view that Shell is becoming the industry leader in capital management: as it becomes leaner, it will be able to maintain the best payout levels to shareholders in the sector, while continuing to deleverage.

Near-term organic growth is supported by continued development and ramp-up activity in Brazil and the Gulf of Mexico, as well as an early LNG start-up in Canada", adds Jefferies.

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