Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday, October 17th.
According to Zacks, “Petrobras is poised to benefit from Brazil’s economic growth and huge pre-salt oil reserves. We appreciate the company’s strong pipeline of development projects and impressive exploration successes. Petrobras’ focus on cost improvement measures and divestment of non-core assets will help it revive its financial health. However, though the company is making successful efforts to trim its massive debt loads, it still has a leverage of 53% which is a cause of concern. Petrobras ADRs continue to struggle, reflecting lingering issues pertaining to the money-laundering scandal that has scarred its credit metrics. Over the year the stock has underperformed the broader industry. Therefore, we take cautious stance on the prospects of the stock.”
PBR has been the topic of several other reports. Barclays PLC reiterated an “underweight” rating and set a $8.00 target price (down from $11.00) on shares of Petroleo Brasileiro S.A.- Petrobras in a research report on Wednesday, July 12th. BidaskClub downgraded shares of Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Wednesday, October 4th. ValuEngine raised Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Credit Suisse Group set a $12.00 price objective on Petroleo Brasileiro S.A.- Petrobras and gave the company a “buy” rating in a research report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $10.47.
Petroleo Brasileiro S.A.- Petrobras (NYSE PBR) traded up $0.48 during trading hours on Tuesday, hitting $11.17. 17,927,216 shares of the stock traded hands, compared to its average volume of 12,780,996. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.66 and a current ratio of 2.04. Petroleo Brasileiro S.A.- Petrobras has a one year low of $7.61 and a one year high of $11.71. The company has a market cap of $69,722.83, a P/E ratio of 16.97 and a beta of 2.44.
A number of large investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the third quarter worth $205,000. FDx Advisors Inc. lifted its stake in Petroleo Brasileiro S.A.- Petrobras by 29.2% in the third quarter. FDx Advisors Inc. now owns 58,401 shares of the oil and gas exploration company’s stock valued at $586,000 after acquiring an additional 13,213 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in Petroleo Brasileiro S.A.- Petrobras by 11,224.8% in the third quarter. State of Wisconsin Investment Board now owns 5,425,589 shares of the oil and gas exploration company’s stock valued at $54,473,000 after acquiring an additional 5,377,680 shares during the last quarter. DSAM Partners London Ltd acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the 3rd quarter worth about $2,999,000. Finally, Horseman Capital Management Ltd bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 3rd quarter valued at about $25,000,000. Hedge funds and other institutional investors own 5.68% of the company’s stock.
About Petroleo Brasileiro S.A.- Petrobras
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