Carrhae Capital LLP Acquires Shares of 5,411,909 Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• Carrhae Capital LLP acquired 5.4 million Petrobras shares worth approximately $87.5 million in the second quarter, making the position about 2.3% of its portfolio and its 10th-largest holding.
• Petrobras shares rose 3.6% to $20.84, near the upper end of their one-year range. The company has a market capitalization of roughly $134.3 billion and a low price-to-earnings ratio of 5.26.
• Petrobras declared a special dividend of $0.2649 per share, while analysts maintained a generally positive outlook: five analysts rated it Buy and two Hold, producing a consensus rating of “Moderate Buy.”

Carrhae Capital LLP acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,411,909 shares of the oil and gas exploration company's stock, valued at approximately $87,456,000. Petroleo Brasileiro S.A.- Petrobras accounts for about 2.3% of Carrhae Capital LLP's investment portfolio, making the stock its 10th biggest holding. Carrhae Capital LLP owned approximately 0.08% of Petroleo Brasileiro S.A.- Petrobras at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Petroleo Brasileiro S.A.- Petrobras by 55.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,852 shares of the oil and gas exploration company's stock valued at $471,000 after buying an additional 11,680 shares during the period. Focus Partners Wealth raised its position in Petroleo Brasileiro S.A.- Petrobras by 7.0% during the 1st quarter. Focus Partners Wealth now owns 20,631 shares of the oil and gas exploration company's stock valued at $296,000 after purchasing an additional 1,356 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in Petroleo Brasileiro S.A.- Petrobras by 55.9% in the 2nd 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 during the period. NewEdge Advisors LLC lifted its holdings in Petroleo Brasileiro S.A.- Petrobras by 797.8% in the 2nd quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company's stock worth $235,000 after buying an additional 16,699 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings 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 valued at $674,000 after acquiring an additional 13,988 shares in the last quarter.

Petroleo Brasileiro S.A.- Petrobras Stock Up 3.6%

NYSE:PBR traded up $0.72 during mid-day trading on Tuesday, hitting $20.84. 28,803,525 shares of the company's stock were exchanged, compared to its average volume of 22,695,818. Petroleo Brasileiro S.A.- Petrobras has a one year low of $11.43 and a one year high of $22.24. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.85 and a quick ratio of 0.58. The business has a fifty day moving average price of $18.34 and a 200 day moving average price of $18.82. The company has a market cap of $134.33 billion, a PE ratio of 5.26, a P/E/G ratio of 0.79 and a beta of 0.32.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Friday, August 7th. 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. Finally, JPMorgan Chase & Co. lifted their price target 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Petroleo Brasileiro S.A.- Petrobras has a consensus rating of "Moderate Buy" and a consensus price target of $19.48.

About Petroleo Brasileiro S.A.- Petrobras

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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