“Recent quarterly results have come in below our expectations,” Morgan Stanley analysts said in a note
Morgan Stanley reckons portfolios could do with fewer Royal Dutch Shell PLC (LON:RDSB) shares, reducing its rating for the oiler to ‘equal weight’ from ‘overweight’.
The downgrade follows Shell’s quarterly results, which were out last week.
“Recent quarterly results have come in below our expectations,” Morgan Stanley analysts said in a note.
“FCF and gearing are still set to improve but no longer in a differentiated manner. Dividend growth is now lagging peers, and the buyback has started but at a lower-than-expected pace.
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Head-cut image of Alfred Donovan appears courtesy of The Wall Street Journal.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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