Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Petrobras from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with five Buy ratings and two Holds.
• JPMorgan raised its price target from $23 to $24 and maintained an “overweight” rating; the consensus target price is $19.48.
• Petrobras shares opened at $20.32, with a $130.95 billion market capitalization and a 52-week trading range of $11.43 to $22.24. Several hedge funds also increased their positions in the company.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

A number of other research firms have also weighed in on PBR. JPMorgan Chase & Co. lifted their price objective on shares of Petroleo Brasileiro S.A.- Petrobras from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Tuesday. Weiss Ratings restated a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.48.

Petroleo Brasileiro S.A.- Petrobras Price Performance

NYSE PBR opened at $20.32 on Monday. The company has a market cap of $130.95 billion, a PE ratio of 5.13, a price-to-earnings-growth ratio of 0.76 and a beta of 0.32. Petroleo Brasileiro S.A.- Petrobras has a 52 week low of $11.43 and a 52 week high of $22.24. The company has a quick ratio of 0.58, a current ratio of 0.85 and a debt-to-equity ratio of 0.64. The firm's 50-day simple moving average is $17.92 and its two-hundred day simple moving average is $18.63.

Hedge Funds Weigh In On Petroleo Brasileiro S.A.- Petrobras

Several hedge funds have recently bought and sold shares of PBR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Petroleo Brasileiro S.A.- Petrobras by 55.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,852 shares of the oil and gas exploration company's stock worth $471,000 after purchasing an additional 11,680 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of 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 during the period. Cresset Asset Management LLC raised its position in shares of 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 buying an additional 5,624 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Petroleo Brasileiro S.A.- Petrobras by 797.8% during the second quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company's stock valued at $235,000 after buying an additional 16,699 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in Petroleo Brasileiro S.A.- Petrobras by 35.0% during the second quarter. Quantinno Capital Management LP now owns 53,897 shares of the oil and gas exploration company's stock valued at $674,000 after buying an additional 13,988 shares during the period.

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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