Fisher Asset Management LLC Sells 312,127 Shares of Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• Fisher Asset Management trimmed its Petrobras stake by 2.2% in the fourth quarter, selling 312,127 shares and leaving it with about 13.98 million shares valued at $165.7 million.
• Wall Street sentiment has improved overall, with several firms upgrading PBR recently; MarketBeat shows an average rating of “Buy” and an average price target of $18.35.
• Petrobras reported solid results and a dividend, posting $0.96 EPS on $23.54 billion in quarterly revenue and announcing a special dividend of $0.1426 per share payable on August 27.

Fisher Asset Management LLC lessened its holdings in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,982,981 shares of the oil and gas exploration company's stock after selling 312,127 shares during the quarter. Fisher Asset Management LLC owned approximately 0.22% of Petroleo Brasileiro S.A.- Petrobras worth $165,698,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Insigneo Advisory Services LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 0.4% in the third quarter. Insigneo Advisory Services LLC now owns 210,974 shares of the oil and gas exploration company's stock valued at $2,671,000 after purchasing an additional 780 shares during the period. Truist Financial Corp raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 2.6% in the fourth quarter. Truist Financial Corp now owns 32,726 shares of the oil and gas exploration company's stock valued at $388,000 after purchasing an additional 829 shares during the period. Intrua Financial LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 3.7% in the fourth quarter. Intrua Financial LLC now owns 28,785 shares of the oil and gas exploration company's stock valued at $341,000 after purchasing an additional 1,040 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 74.9% in the second quarter. Geneos Wealth Management Inc. now owns 2,438 shares of the oil and gas exploration company's stock valued at $30,000 after purchasing an additional 1,044 shares during the period. Finally, Focus Partners Wealth raised its position 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 valued at $296,000 after purchasing an additional 1,356 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently commented on PBR. Wall Street Zen raised 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 raised 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 lifted their price target for the company from $18.70 to $24.80 in a research report on Friday, April 17th. Jefferies Financial Group lowered shares of Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "hold" rating and dropped their price target for the company from $20.30 to $19.00 in a research report on Friday, March 13th. Finally, The Goldman Sachs Group lifted their price target on shares of Petroleo Brasileiro S.A.- Petrobras from $13.10 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.35.

Petroleo Brasileiro S.A.- Petrobras Trading Up 0.1%

Shares of PBR stock opened at $19.93 on Tuesday. Petroleo Brasileiro S.A.- Petrobras has a 1 year low of $11.03 and a 1 year high of $22.24. The firm's fifty day simple moving average is $20.47 and its 200 day simple moving average is $16.13. The firm has a market capitalization of $128.40 billion, a P/E ratio of 6.47, a price-to-earnings-growth ratio of 0.79 and a beta of 0.38. The company has a current ratio of 0.74, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) last announced its earnings results on Tuesday, March 31st. The oil and gas exploration company reported $0.96 earnings per share (EPS) for the quarter. Petroleo Brasileiro S.A.- Petrobras had a net margin of 21.67% and a return on equity of 23.65%. The business had revenue of $23.54 billion for the quarter. As a group, sell-side analysts predict that Petroleo Brasileiro S.A.- Petrobras will post 4.72 EPS for the current year.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The business also recently announced a special dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.1426 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. Petroleo Brasileiro S.A.- Petrobras's payout ratio is 10.71%.

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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