Petroleo Brasileiro S.A.- Petrobras $PBR Stock: Point Nemo Capital LLC Cuts Stake

Key Points

• Point Nemo Capital cut its Petrobras stake by 88.6% in the third quarter, selling 69,110 shares and ending the period with 8,911 shares valued at about $186,000.
• Analyst sentiment was broadly positive: the stock had a consensus Buy rating and a $20.97 consensus price target, with one Strong Buy, six Buy, and one Hold rating.
• Petrobras shares opened at $18.52; the article reported a 12-month trading range of $11.43 to $26.39.

Point Nemo Capital LLC trimmed its position in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 88.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,911 shares of the oil and gas exploration company's stock after selling 69,110 shares during the quarter. Point Nemo Capital LLC's holdings in Petroleo Brasileiro S.A.- Petrobras were worth $186,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ethic Inc. purchased a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the third quarter worth $245,000. StoneX Group Inc. raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 52.4% during the 3rd quarter. StoneX Group Inc. now owns 22,472 shares of the oil and gas exploration company's stock valued at $466,000 after purchasing an additional 7,725 shares during the period. May Hill Capital LLC bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the 3rd quarter valued at $253,000. International Assets Investment Management LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 5.3% during the 3rd quarter. International Assets Investment Management LLC now owns 14,309 shares of the oil and gas exploration company's stock valued at $300,000 after purchasing an additional 720 shares during the period. Finally, Commonwealth Equity Services LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 37.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 108,247 shares of the oil and gas exploration company's stock valued at $2,259,000 after purchasing an additional 29,655 shares during the period.

Wall Street Analysts Forecast Growth

PBR has been the topic of a number of analyst reports. Zacks Research upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 30th. UBS Group increased their price target on Petroleo Brasileiro S.A.- Petrobras from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 23rd. Wall Street Zen upgraded Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 31st. Weiss Ratings raised Petroleo Brasileiro S.A.- Petrobras from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. Finally, JPMorgan Chase & Co. raised their price target on Petroleo Brasileiro S.A.- Petrobras from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.97.

Petroleo Brasileiro S.A.- Petrobras Stock Down 1.5%

NYSE PBR opened at $18.52 on Friday. Petroleo Brasileiro S.A.- Petrobras has a 12 month low of $11.43 and a 12 month high of $26.39. 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 stock has a market cap of $119.34 billion, a PE ratio of 4.68, a P/E/G ratio of 0.37 and a beta of 0.33. The stock's 50 day moving average is $22.13 and its 200 day moving average is $19.22.

About Petroleo Brasileiro S.A.- Petrobras

Petróleo Brasileiro SA, known as Petrobras, is an integrated energy company headquartered in Rio de Janeiro, Brazil. Founded in 1953, it is controlled by the Brazilian government and has publicly traded shares, including American depositary shares listed in the United States.

Petrobras's core business is exploring for and producing oil and natural gas, with a significant focus on offshore and deepwater fields, including Brazil's pre-salt basins. The company also operates in refining, transportation, and the sale of oil, fuels, natural gas, and related energy products.

Its operations are centered in Brazil, where it serves energy and fuel markets through its production and downstream businesses.

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