Petroleo Brasileiro S.A.- Petrobras $PBR Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd. reduced its Petrobras stake by 15.6% in the third quarter, selling 924,858 shares and retaining 5.02 million shares valued at approximately $104.8 million.
• Several institutional investors, including Oaktree Capital Management and Carrhae Capital, recently established new positions in Petrobras, indicating continued institutional interest.
• Petrobras shares opened at $25.43, near their 12-month high, while analysts maintained a “Moderate Buy” consensus; the company also declared a special $0.2649-per-share dividend.

Perpetual Ltd cut its stake in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 15.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,021,258 shares of the oil and gas exploration company's stock after selling 924,858 shares during the period. Petroleo Brasileiro S.A.- Petrobras comprises about 1.6% of Perpetual Ltd's investment portfolio, making the stock its 18th largest position. Perpetual Ltd owned 0.08% of Petroleo Brasileiro S.A.- Petrobras worth $104,794,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PBR. Oaktree Capital Management LP purchased a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at approximately $126,355,000. Carrhae Capital LLP bought a new position in Petroleo Brasileiro S.A.- Petrobras in the second quarter worth approximately $87,456,000. DJE Kapital AG bought a new position in Petroleo Brasileiro S.A.- Petrobras in the first quarter worth approximately $65,428,000. Public Employees Retirement System of Ohio purchased a new stake in Petroleo Brasileiro S.A.- Petrobras during the second quarter worth $42,858,000. Finally, Fearnley Asset Management AS purchased a new stake in Petroleo Brasileiro S.A.- Petrobras during the fourth quarter worth $17,590,000.

Petroleo Brasileiro S.A.- Petrobras Stock Performance

Shares of PBR opened at $25.43 on Tuesday. Petroleo Brasileiro S.A.- Petrobras has a 12 month low of $11.43 and a 12 month high of $25.80. The stock has a fifty day moving average price of $20.29 and a 200-day moving average price of $19.50. The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.64. The firm has a market cap of $163.91 billion, a PE ratio of 6.42, a P/E/G ratio of 0.99 and a beta of 0.29.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The firm also recently declared a special dividend, which will be paid on Tuesday, December 1st. Shareholders 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 dividend payout ratio (DPR) is currently 10.86%.

Analyst Ratings Changes

PBR has been the topic of a number of analyst reports. Zacks Research upgraded Petroleo Brasileiro S.A.- Petrobras from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Weiss Ratings raised Petroleo Brasileiro S.A.- Petrobras from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on Petroleo Brasileiro S.A.- Petrobras from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Tuesday, September 1st. Wall Street Zen downgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "strong-buy" rating to a "buy" rating in a report on Sunday. Finally, UBS Group boosted their target price 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. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.97.

About Petroleo Brasileiro S.A.- Petrobras

Petróleo Brasileiro SA, commonly known as Petrobras, is a Brazilian state-controlled, integrated energy company headquartered in Rio de Janeiro. Founded in 1953, the company is engaged primarily in the exploration, development, production, refining, transportation and marketing of oil and natural gas.

Petrobras has a major focus on offshore operations, particularly the development of Brazil's pre-salt oil fields in the Santos and Campos basins. Its activities also include the processing and sale of petroleum products, natural gas and biofuels, as well as participation in power generation and other energy-related businesses.

The company serves the Brazilian market through its production, refining, logistics and distribution activities and has historically maintained international operations and partnerships.

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