Artemis Investment Management LLP Cuts Position in Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• Artemis Investment Management reduced its stake in Petroleo Brasileiro S.A. (NYSE: PBR) by 25% in Q4, selling 669,900 shares and leaving it with 2,009,324 shares valued at about $23.81 million.
• Petrobras declared a special dividend of $0.1191 per share payable on May 28 to investors of record on April 24 (ex-dividend date April 24).
• Analyst sentiment is broadly positive with a consensus rating of “Moderate Buy” and an average target of $18.35; notable recent upgrades include Bank of America to Buy (target $24.80) and Zacks to Strong-Buy, while the stock trades at a PE of 7.2 and market cap around $141 billion.

Artemis Investment Management LLP lessened its stake in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 25.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,009,324 shares of the oil and gas exploration company's stock after selling 669,900 shares during the quarter. Artemis Investment Management LLP's holdings in Petroleo Brasileiro S.A.- Petrobras were worth $23,810,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 55.2% in the first 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 during the period. 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 grew its position in 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 acquiring an additional 5,624 shares in the last quarter. NewEdge Advisors LLC grew its position in Petroleo Brasileiro S.A.- Petrobras by 797.8% in the second quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company's stock worth $235,000 after acquiring an additional 16,699 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Petroleo Brasileiro S.A.- Petrobras by 35.0% in the second quarter. Quantinno Capital Management LP now owns 53,897 shares of the oil and gas exploration company's stock worth $674,000 after acquiring an additional 13,988 shares in the last quarter.

Petroleo Brasileiro S.A.- Petrobras Trading Down 0.7%

Shares of PBR stock opened at $21.88 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.48 and a current ratio of 0.71. The stock has a fifty day simple moving average of $19.53 and a two-hundred day simple moving average of $15.17. The firm has a market capitalization of $141.03 billion, a PE ratio of 7.20, a PEG ratio of 0.91 and a beta of 0.38. Petroleo Brasileiro S.A.- Petrobras has a 52-week low of $11.03 and a 52-week high of $22.09.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) last announced its quarterly earnings results on Sunday, February 15th. The oil and gas exploration company reported $0.45 earnings per share (EPS) for the quarter. Petroleo Brasileiro S.A.- Petrobras had a net margin of 22.01% and a return on equity of 24.26%. The company had revenue of $23.61 billion for the quarter. On average, analysts predict that Petroleo Brasileiro S.A.- Petrobras will post 4.18 EPS for the current fiscal year.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, May 28th. Investors of record on Friday, April 24th will be paid a dividend of $0.1191 per share. The ex-dividend date is Friday, April 24th. Petroleo Brasileiro S.A.- Petrobras's payout ratio is 10.86%.

Analyst Upgrades and Downgrades

PBR has been the subject of several analyst reports. Wall Street Zen upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating in a research report on Sunday, March 22nd. Zacks Research upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 31st. Bank of America raised shares of Petroleo Brasileiro S.A.- Petrobras from a "neutral" rating to a "buy" rating and upped their price objective for the company from $18.70 to $24.80 in a research note on Friday, April 17th. Jefferies Financial Group downgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "hold" rating and decreased their price target for the stock from $20.30 to $19.00 in a research note on Friday, March 13th. Finally, The Goldman Sachs Group increased their price target on shares of Petroleo Brasileiro S.A.- Petrobras from $13.10 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Petroleo Brasileiro S.A.- Petrobras currently has a consensus rating of "Moderate Buy" and an average target price of $18.35.

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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