Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) Upgraded to “Buy” at UBS Group

Posted by Defense World Staff on Aug 25th, 2023

UBS Group upgraded shares of Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR – Free Report) from a neutral rating to a buy rating in a report issued on Thursday, Marketbeat reports. The firm currently has $17.50 price objective on the oil and gas exploration company’s stock, up from their previous price objective of $13.10.

A number of other research firms also recently weighed in on PBR. Citigroup downgraded Petróleo Brasileiro S.A. – Petrobras from a buy rating to a neutral rating and lowered their price target for the company from $19.00 to $14.00 in a research report on Thursday, August 10th. Morgan Stanley raised Petróleo Brasileiro S.A. – Petrobras from an equal weight rating to an overweight rating and boosted their target price for the company from $12.50 to $16.50 in a research note on Wednesday, June 7th. JPMorgan Chase & Co. lowered Petróleo Brasileiro S.A. – Petrobras from an overweight rating to a neutral rating and reduced their price target for the stock from $15.00 to $14.50 in a research report on Friday, August 4th. Bradesco Corretora reiterated a neutral rating and issued a $10.00 price objective on shares of Petróleo Brasileiro S.A. – Petrobras in a research report on Thursday, July 27th. Finally, StockNews.com assumed coverage on shares of Petróleo Brasileiro S.A. – Petrobras in a report on Thursday, August 17th. They issued a buy rating on the stock. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $14.15.

Read Our Latest Stock Report on PBR

Petróleo Brasileiro S.A. – Petrobras Stock Performance

NYSE:PBR opened at $14.50 on Thursday. Petróleo Brasileiro S.A. – Petrobras has a 1 year low of $8.88 and a 1 year high of $16.32. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.90 and a quick ratio of 0.64. The business has a fifty day simple moving average of $13.92 and a two-hundred day simple moving average of $12.25. The company has a market capitalization of $94.54 billion, a P/E ratio of 3.14 and a beta of 1.40.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The oil and gas exploration company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.07). The company had revenue of $22.98 billion for the quarter, compared to the consensus estimate of $24.71 billion. Petróleo Brasileiro S.A. – Petrobras had a net margin of 26.86% and a return on equity of 40.65%. During the same quarter in the previous year, the firm posted $1.39 earnings per share. On average, analysts expect that Petróleo Brasileiro S.A. – Petrobras will post 3.51 earnings per share for the current year.

Petróleo Brasileiro S.A. – Petrobras Cuts Dividend

The company also recently declared a — dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, August 23rd will be paid a dividend of $0.2353 per share. This represents a yield of 26.3%. The ex-dividend date is Tuesday, August 22nd. Petróleo Brasileiro S.A. – Petrobras’s payout ratio is presently 6.93%.

Hedge Funds Weigh In On Petróleo Brasileiro S.A. – Petrobras

Several hedge funds have recently bought and sold shares of the business. SPX Gestao de Recursos Ltda increased its position in shares of Petróleo Brasileiro S.A. – Petrobras by 109,540.6% during the second quarter. SPX Gestao de Recursos Ltda now owns 6,964,368 shares of the oil and gas exploration company’s stock worth $96,317,000 after purchasing an additional 6,958,016 shares in the last quarter. Gemsstock Ltd. purchased a new stake in shares of Petróleo Brasileiro S.A. – Petrobras in the 4th quarter valued at $29,528,000. RWC Asset Advisors US LLC purchased a new position in Petróleo Brasileiro S.A. – Petrobras during the second quarter valued at approximately $36,082,000. Lazard Asset Management LLC increased its holdings in Petróleo Brasileiro S.A. – Petrobras by 9.7% in the second quarter. Lazard Asset Management LLC now owns 29,221,292 shares of the oil and gas exploration company’s stock valued at $404,130,000 after buying an additional 2,582,327 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Petróleo Brasileiro S.A. – Petrobras in the second quarter worth about $35,559,000. Institutional investors own 11.09% of the company’s stock.

About Petróleo Brasileiro S.A. – Petrobras

(Get Free Report)

Petróleo Brasileiro SA – Petrobras explores, produces, and sells oil and gas in Brazil and internationally. The company operates through Exploration and Production; Refining, Transportation and Marketing; and Gas and Power. It also engages in prospecting, drilling, refining, processing, trading, and transporting crude oil from producing onshore and offshore oil fields, and shale or other rocks, as well as oil products, natural gas, and other liquid hydrocarbons.