904,379 Petroleo Brasileiro S.A.- Petrobras $PBR Shares Sold by Mondrian Investment Partners LTD

Key Points

• Mondrian Investment Partners reduced its Petrobras stake by 10.1%, selling 904,379 shares during the third quarter. It still held 8.07 million shares worth approximately $168.5 million, representing about 3.6% of its portfolio.
• Several institutional investors initiated new Petrobras positions, including Oaktree Capital Management, Carrhae Capital, DJE Kapital, the Public Employees Retirement System of Ohio, and Franchise GP.
• Analyst sentiment remains favorable, with six Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $20.97. Petrobras also declared a special dividend of $0.2649 per share.

Mondrian Investment Partners LTD lowered its stake in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 10.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,072,839 shares of the oil and gas exploration company's stock after selling 904,379 shares during the quarter. Petroleo Brasileiro S.A.- Petrobras makes up approximately 3.6% of Mondrian Investment Partners LTD's investment portfolio, making the stock its 10th largest position. Mondrian Investment Partners LTD owned 0.13% of Petroleo Brasileiro S.A.- Petrobras worth $168,480,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Oaktree Capital Management LP acquired a new position in Petroleo Brasileiro S.A.- Petrobras during the 1st quarter worth approximately $126,355,000. Carrhae Capital LLP bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at approximately $87,456,000. DJE Kapital AG bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 1st quarter valued at approximately $65,428,000. Public Employees Retirement System of Ohio bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at approximately $42,858,000. Finally, Franchise GP Ltd acquired a new stake in Petroleo Brasileiro S.A.- Petrobras in the third quarter valued at approximately $17,660,000.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PBR. JPMorgan Chase & Co. raised their target price on shares of 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. UBS Group upped their price target on shares of Petroleo Brasileiro S.A.- Petrobras from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, September 23rd. Weiss Ratings upgraded Petroleo Brasileiro S.A.- Petrobras from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Wall Street Zen cut Petroleo Brasileiro S.A.- Petrobras from a "strong-buy" rating to a "buy" rating in a research note on Sunday, October 11th. Finally, Zacks Research raised Petroleo Brasileiro S.A.- Petrobras from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.97.

Petroleo Brasileiro S.A.- Petrobras Price Performance

PBR stock opened at $26.18 on Friday. The company's 50-day moving average is $21.65 and its 200-day moving average is $19.84. The stock has a market capitalization of $168.70 billion, a PE ratio of 6.61, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.85 and a quick ratio of 0.58. Petroleo Brasileiro S.A.- Petrobras has a 1 year low of $11.43 and a 1 year high of $26.39.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

The business also recently declared a special dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, August 25th will be issued a $0.2649 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. Petroleo Brasileiro S.A.- Petrobras's payout ratio is 10.86%.

Petroleo Brasileiro S.A.- Petrobras Company Profile

Petróleo Brasileiro SA — Petrobras is a Brazilian state-controlled, integrated energy company engaged in the exploration, development, production, refining, transportation and marketing of oil and natural gas. Founded in 1953, the company plays a central role in Brazil's energy sector and is headquartered in Rio de Janeiro.

Petrobras produces crude oil and natural gas, with a major focus on Brazil's deepwater and pre-salt offshore fields. Its operations also include refining and selling petroleum products such as gasoline, diesel, aviation fuel, liquefied petroleum gas and other petrochemicals.

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