UBS Group Raises Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Price Target to $23.00

Key Points

• UBS Group raised Petrobras’ price target from $22.00 to $23.00 and maintained a “buy” rating, implying 10.92% potential upside.
• Analyst sentiment remains favorable, with five buy ratings and two holds; MarketBeat assigns the stock a “Moderate Buy” consensus and an average target price of $21.16.
• Petrobras shares opened at $20.73, near their 52-week high of $22.24, while several institutional investors—including Capital International Investors—recently increased or initiated positions.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) had its price target hoisted by UBS Group from $22.00 to $23.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the oil and gas exploration company's stock. UBS Group's price objective would indicate a potential upside of 10.92% from the company's current price.

Other equities analysts have also issued reports about the company. Zacks Research upgraded Petroleo Brasileiro S.A.- Petrobras from a "strong sell" rating to a "hold" rating in a research note on Monday, August 31st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Petroleo Brasileiro S.A.- Petrobras from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Tuesday, September 1st. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Petroleo Brasileiro S.A.- Petrobras presently has a consensus rating of "Moderate Buy" and an average target price of $21.16.

Petroleo Brasileiro S.A.- Petrobras Price Performance

NYSE PBR opened at $20.73 on Wednesday. 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 fifty day simple moving average of $19.18 and a 200 day simple moving average of $19.14. The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.64. The company has a market cap of $133.62 billion, a P/E ratio of 5.24, a P/E/G ratio of 0.81 and a beta of 0.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PBR. Capital International Investors boosted its stake in Petroleo Brasileiro S.A.- Petrobras by 51.6% in the 4th quarter. Capital International Investors now owns 30,637,308 shares of the oil and gas exploration company's stock valued at $363,052,000 after buying an additional 10,425,563 shares in the last quarter. Oaktree Capital Management LP acquired a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth $126,355,000. Carrhae Capital LLP bought a new position in shares of Petroleo Brasileiro S.A.- Petrobras during the second quarter valued at $87,456,000. DJE Kapital AG bought a new position in shares of Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at $65,428,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at $42,858,000.

About Petroleo Brasileiro S.A.- Petrobras

Petroleo Brasileiro SA, commonly known as Petrobras, is a Brazilian state-controlled, integrated energy company engaged in the exploration, development, production, refining, transportation and marketing of oil and natural gas. The company also produces and sells fuels, lubricants, petrochemical products and other petroleum-derived products.

Petrobras is particularly known for its deepwater and ultra-deepwater operations, including large-scale development of Brazil's offshore pre-salt oil fields.

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