Avantax Advisory Services Inc. Purchases 34,787 Shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Petroleo Brasileiro S.A.- Petrobras by 31.8% in the first quarter, purchasing an additional 34,787 shares to reach a total of 144,098 shares valued at approximately $2,066,000.
• Several institutional investors, including TrueMark Investments LLC and Ted Buchan & Co, have recently adjusted their stakes in Petroleo Brasileiro S.A.- Petrobras, reflecting growing interest in the company.
• The stock has received multiple ratings upgrades, with Wall Street Zen and Jefferies Financial Group upgrading their ratings to "buy" and setting targets as high as $15.30, while it maintains a current consensus rating of "Buy" with an average target price of $17.40.

Avantax Advisory Services Inc. grew its position in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 144,098 shares of the oil and gas exploration company's stock after purchasing an additional 34,787 shares during the period. Avantax Advisory Services Inc.'s holdings in Petroleo Brasileiro S.A.- Petrobras were worth $2,066,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PBR. Lazard Asset Management LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 16.4% during the fourth quarter. Lazard Asset Management LLC now owns 21,755,839 shares of the oil and gas exploration company's stock valued at $279,779,000 after buying an additional 3,072,312 shares during the last quarter. ARGA Investment Management LP raised its position in Petroleo Brasileiro S.A.- Petrobras by 0.3% in the first quarter. ARGA Investment Management LP now owns 11,036,110 shares of the oil and gas exploration company's stock worth $158,258,000 after purchasing an additional 38,312 shares in the last quarter. Carrhae Capital LLP bought a new stake in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $64,765,000. Artemis Investment Management LLP grew its stake in Petroleo Brasileiro S.A.- Petrobras by 30.2% during the first quarter. Artemis Investment Management LLP now owns 3,908,771 shares of the oil and gas exploration company's stock worth $56,052,000 after buying an additional 905,800 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $29,984,000.

Petroleo Brasileiro S.A.- Petrobras Price Performance

Shares of PBR stock traded down $0.04 on Friday, reaching $12.70. The company had a trading volume of 18,778,398 shares, compared to its average volume of 19,019,370. The business's 50-day moving average is $12.39 and its 200 day moving average is $12.79. The stock has a market capitalization of $81.84 billion, a PE ratio of 9.48 and a beta of 0.85. Petroleo Brasileiro S.A.- Petrobras has a one year low of $11.03 and a one year high of $15.73. The company has a quick ratio of 0.47, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Petroleo Brasileiro S.A.- Petrobras Increases Dividend

The company also recently disclosed a -- dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Wednesday, June 4th will be paid a $0.2806 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a dividend yield of 1,760.0%. This is an increase from Petroleo Brasileiro S.A.- Petrobras's previous -- dividend of $0.24. Petroleo Brasileiro S.A.- Petrobras's payout ratio is currently 73.88%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PBR. Jefferies Financial Group raised shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating and set a $15.30 price target on the stock in a research note on Thursday, May 15th. Wall Street Zen upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, Bank of America lowered shares of Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "neutral" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $17.40.

About Petroleo Brasileiro S.A.- Petrobras

Petróleo Brasileiro SA - Petrobras explores, produces, and sells oil and gas in Brazil and internationally. The company operates through three segments: Exploration and Production; Refining, Transportation and Marketing; and Gas and Power. The Exploration and Production segment explores, develops, and produces crude oil, natural gas liquids, and natural gas primarily for supplies to the domestic refineries.