Zacks Investment Research lowered shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) from a buy rating to a hold rating in a research report report published on Tuesday, August 8th.
According to Zacks, “Petrobras ADRs continue to struggle, reflecting lingering issues pertaining to the money-laundering scandal that has scarred its credit metrics. The stock is down -12% in the year-to-date period, underperforming the broader industry, which is down -3% in the same time period. There's no ignoring that the crude price slump has adversely affected the group’s earnings and cash flows, particularly at its upstream unit. On top of that, high debt levels and a decline in the number of available creditors have put pressure on the company’s financials. True, Petrobras posted good Q1 financial results but most of that was due to favorable market conditions. Nevertheless, the company stands to benefit from Brazil’s economic growth and huge pre-salt oil reserves. Given its strong pipeline of development projects and impressive exploration successes, we recommend a Hold rating on Petrobras ADRs.”
Other research analysts also recently issued research reports about the company. Credit Suisse Group set a $12.00 target price on Petroleo Brasileiro S.A.- Petrobras and gave the company a buy rating in a report on Sunday, May 28th. BidaskClub raised Petroleo Brasileiro S.A.- Petrobras from a sell rating to a hold rating in a report on Wednesday, July 5th. Barclays PLC reaffirmed an underweight rating and issued a $8.00 price objective (down previously from $11.00) on shares of Petroleo Brasileiro S.A.- Petrobras in a research note on Wednesday, July 12th. Finally, ValuEngine raised Petroleo Brasileiro S.A.- Petrobras from a hold rating to a buy rating in a research note on Saturday, May 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Petroleo Brasileiro S.A.- Petrobras currently has an average rating of Hold and an average price target of $10.51.
Shares of Petroleo Brasileiro S.A.- Petrobras (NYSE PBR) traded up 4.10% during midday trading on Tuesday, reaching $8.89. The company had a trading volume of 21,559,195 shares. The company has a 50 day moving average of $8.52 and a 200 day moving average of $9.13. The firm’s market capitalization is $57.98 billion. Petroleo Brasileiro S.A.- Petrobras has a 12-month low of $7.61 and a 12-month high of $12.56. Petroleo Brasileiro S.A.- Petrobras also saw some unusual options trading on Wednesday. Traders acquired 15,002 put options on the company. This is an increase of approximately 458% compared to the typical daily volume of 2,688 put options.
A number of large investors have recently modified their holdings of PBR. IHT Wealth Management LLC purchased a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the second quarter worth $103,000. EFG Asset Management Americas Corp. bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at approximately $100,000. Greenleaf Trust bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at approximately $101,000. Oppenheimer & Co. Inc. bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at approximately $110,000. Finally, Jacobi Capital Management LLC raised its position in Petroleo Brasileiro S.A.- Petrobras by 585.5% in the first quarter. Jacobi Capital Management LLC now owns 11,585 shares of the oil and gas exploration company’s stock valued at $113,000 after buying an additional 9,895 shares during the last quarter. 6.25% of the stock is owned by institutional investors and hedge funds.
About Petroleo Brasileiro S.A.- Petrobras
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