After a set of bumper results, released on 2 May, the Shell (LSE:SHEL) share price made some moderate gains. These gains were perhaps less than I’d expected given the size of the headline earnings beat. Analysts expected Shell to register $6.5bn of adjusted earnings during the first quarter, but the reality was 18.5% stronger — $7.7bn. Let’s take a closer look at Shell and whether the stock still offers good value. When I’m trying to work out how much a stock should be worth, I often start by looking at the average share price target. This is the consensus figure of all the analysts covering the stock. The average Shell share price target is currently 11.5% above the current price. That’s clearly a good sign, although it’s worth noting that British stocks tend to trade at a discount to their target prices simply because investor sentiment isn’t that strong. On another positive note, Shell has seven Buy ratings, four Outperform ratings, and four Hold ratings. It’s important to remember that City and Wall Street analysts aren’t continuously updating forecasts for the stocks they cover. That’s especially the case with smaller-cap stocks. As such, it’s often useful to discard share price...