Zacks Research downgraded shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR – Free Report) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks.com reports.
Several other brokerages have also weighed in on PBR. Wall Street Zen raised Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research report on Sunday, March 22nd. Bank of America raised shares of Petroleo Brasileiro S.A.- Petrobras from a “neutral” rating to a “buy” rating and boosted their target price for the company from $18.70 to $24.80 in a research note on Friday, April 17th. Jefferies Financial Group cut shares of Petroleo Brasileiro S.A.- Petrobras from a “buy” rating to a “hold” rating and decreased their target price for the stock from $20.30 to $19.00 in a research report on Friday, March 13th. JPMorgan Chase & Co. cut their target price on Petroleo Brasileiro S.A.- Petrobras from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 3rd. Finally, Weiss Ratings raised Petroleo Brasileiro S.A.- Petrobras from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Petroleo Brasileiro S.A.- Petrobras presently has an average rating of “Moderate Buy” and a consensus target price of $19.28.
Check Out Our Latest Analysis on PBR
Petroleo Brasileiro S.A.- Petrobras Stock Performance
Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR – Get Free Report) last issued its earnings results on Tuesday, March 31st. The oil and gas exploration company reported $0.96 EPS for the quarter. The company had revenue of $23.54 billion during the quarter. Petroleo Brasileiro S.A.- Petrobras had a return on equity of 23.65% and a net margin of 21.67%. Equities research analysts forecast that Petroleo Brasileiro S.A.- Petrobras will post 4.28 EPS for the current year.
Petroleo Brasileiro S.A.- Petrobras Dividend Announcement
The business also recently announced a special dividend, which will be paid on Thursday, August 27th. Shareholders of record on Wednesday, June 3rd will be given a $0.1426 dividend. The ex-dividend date is Wednesday, June 3rd. Petroleo Brasileiro S.A.- Petrobras’s dividend payout ratio is presently 11.04%.
Hedge Funds Weigh In On Petroleo Brasileiro S.A.- Petrobras
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital International Investors grew its position in Petroleo Brasileiro S.A.- Petrobras by 51.6% in the fourth quarter. Capital International Investors now owns 30,637,308 shares of the oil and gas exploration company’s stock worth $363,052,000 after acquiring an additional 10,425,563 shares in the last quarter. Oaktree Capital Management LP acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the 1st quarter valued at $126,355,000. DJE Kapital AG bought a new stake in Petroleo Brasileiro S.A.- Petrobras in the first quarter worth $65,428,000. DNB Asset Management AS acquired a new position in Petroleo Brasileiro S.A.- Petrobras during the fourth quarter worth $21,778,000. Finally, Earnest Partners LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 52.0% during the third quarter. Earnest Partners LLC now owns 4,872,441 shares of the oil and gas exploration company’s stock valued at $61,685,000 after buying an additional 1,665,873 shares in the last quarter.
About Petroleo Brasileiro S.A.- Petrobras
Petróleo Brasileiro SA – Petrobras is a Brazilian, state-controlled integrated oil and gas company headquartered in Rio de Janeiro. Founded in 1953, Petrobras is principally engaged in the exploration and production of crude oil and natural gas, and operates across the full value chain from upstream activities through refining, transportation and downstream marketing of petroleum products. The company is a major player in Brazil’s energy sector and is a listed public company with global capital market presence.
Petrobras’s core activities include deepwater and ultra-deepwater exploration and production, where it has been a pioneer in developing pre-salt reserves off Brazil’s coast.
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