Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Given New $24.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Petrobras’s price target from $23.00 to $24.00 and maintained an “overweight” rating, implying 18.72% upside from the prior close.
• Analyst sentiment is mixed but leans positive: five analysts rate the stock a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus with an average target of $19.48.
• Petrobras shares traded at $20.21, with a market capitalization of approximately $130.27 billion and a 52-week range of $11.43 to $22.24; several institutional investors recently increased or initiated positions.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $23.00 to $24.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the oil and gas exploration company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 18.72% from the company's previous close.

A number of other equities analysts have also commented on PBR. Zacks Research lowered shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $19.48.

Petroleo Brasileiro S.A.- Petrobras Price Performance

Shares of PBR stock traded up $0.86 during trading on Tuesday, hitting $20.21. The company had a trading volume of 20,713,029 shares, compared to its average volume of 22,574,330. The stock's 50-day moving average is $17.86 and its two-hundred day moving average is $18.60. The stock has a market capitalization of $130.27 billion, a price-to-earnings ratio of 5.10, a price-to-earnings-growth ratio of 0.73 and a beta of 0.33. The company has a quick ratio of 0.58, a current ratio of 0.85 and a debt-to-equity ratio of 0.64. Petroleo Brasileiro S.A.- Petrobras has a 52 week low of $11.43 and a 52 week high of $22.24.

Institutional Trading of Petroleo Brasileiro S.A.- Petrobras

Institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 2.2% in the second quarter. HighTower Advisors LLC now owns 180,932 shares of the oil and gas exploration company's stock worth $2,924,000 after buying an additional 3,881 shares during the period. Ameritas Advisory Services LLC bought a new position in Petroleo Brasileiro S.A.- Petrobras during the 2nd quarter worth approximately $31,000. TD Waterhouse Canada Inc. grew its position in Petroleo Brasileiro S.A.- Petrobras by 358.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 40,483 shares of the oil and gas exploration company's stock worth $647,000 after acquiring an additional 31,654 shares during the last quarter. Headlands Technologies LLC purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth approximately $187,000. Finally, Quantitative Investment Management LLC purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth approximately $5,122,000.

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.

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