HITE Hedge Asset Management LLC Reduces Position in Petroleo Brasileiro S.A.- Petrobras $PBR

HITE Hedge Asset Management LLC lessened its stake in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) by 51.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 45,725 shares of the oil and gas exploration company’s stock after selling 49,357 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Petroleo Brasileiro S.A.- Petrobras were worth $542,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PBR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Petroleo Brasileiro S.A.- Petrobras by 55.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,852 shares of the oil and gas exploration company’s stock valued at $471,000 after purchasing an additional 11,680 shares during the period. Focus Partners Wealth raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 7.0% in the first quarter. Focus Partners Wealth now owns 20,631 shares of the oil and gas exploration company’s stock worth $296,000 after purchasing an additional 1,356 shares in the last quarter. Cresset Asset Management LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 55.9% in the second quarter. Cresset Asset Management LLC now owns 15,683 shares of the oil and gas exploration company’s stock worth $201,000 after purchasing an additional 5,624 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 797.8% in the second quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company’s stock worth $235,000 after purchasing an additional 16,699 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 35.0% in the second quarter. Quantinno Capital Management LP now owns 53,897 shares of the oil and gas exploration company’s stock worth $674,000 after purchasing an additional 13,988 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America upgraded Petroleo Brasileiro S.A.- Petrobras from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $18.70 to $24.80 in a report on Friday, April 17th. JPMorgan Chase & Co. decreased their price objective on Petroleo Brasileiro S.A.- Petrobras from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, June 3rd. Zacks Research downgraded Petroleo Brasileiro S.A.- Petrobras from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Wall Street Zen upgraded Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a report on Sunday, March 22nd. Finally, Jefferies Financial Group downgraded Petroleo Brasileiro S.A.- Petrobras from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $20.30 to $19.00 in a report on Friday, March 13th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.28.

Petroleo Brasileiro S.A.- Petrobras Price Performance

Shares of NYSE:PBR opened at $18.37 on Friday. Petroleo Brasileiro S.A.- Petrobras has a 1-year low of $11.43 and a 1-year high of $22.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.74 and a quick ratio of 0.49. The business has a fifty day moving average price of $20.08 and a 200-day moving average price of $16.65. The company has a market capitalization of $118.35 billion, a PE ratio of 5.96, a PEG ratio of 0.73 and a beta of 0.32.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) last released its quarterly earnings data on Tuesday, March 31st. The oil and gas exploration company reported $0.96 EPS for the quarter. Petroleo Brasileiro S.A.- Petrobras had a return on equity of 23.65% and a net margin of 21.67%.The company had revenue of $23.54 billion during the quarter. As a group, equities analysts expect that Petroleo Brasileiro S.A.- Petrobras will post 4.72 EPS for the current fiscal year.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

The firm also recently disclosed a special dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, June 3rd will be issued a $0.1426 dividend. The ex-dividend date is Wednesday, June 3rd. Petroleo Brasileiro S.A.- Petrobras’s dividend payout ratio (DPR) is presently 11.04%.

Petroleo Brasileiro S.A.- Petrobras Company Profile

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.