Petroleo Brasileiro S.A.- Petrobras $PBR Stock Position Cut by Salem Investment Counselors Inc.

Key Points

• Salem Investment Counselors cut its Petrobras stake by 15.2% in the third quarter, selling 64,111 shares and retaining 358,445 shares valued at approximately $7.5 million.
• Analyst sentiment remains favorable: six analysts rate Petrobras a Buy and two rate it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $20.97.
• Petrobras recently declared a $0.2649-per-share special dividend, while its stock was trading near its 52-week high at $25.48, with a market capitalization of roughly $164.2 billion.

Salem Investment Counselors Inc. cut its stake in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 15.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 358,445 shares of the oil and gas exploration company's stock after selling 64,111 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Petroleo Brasileiro S.A.- Petrobras were worth $7,483,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Oaktree Capital Management LP bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $126,355,000. Carrhae Capital LLP bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the second quarter worth $87,456,000. DJE Kapital AG acquired a new stake in Petroleo Brasileiro S.A.- Petrobras in the first quarter valued at $65,428,000. Public Employees Retirement System of Ohio bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at about $42,858,000. Finally, Fearnley Asset Management AS acquired a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the fourth quarter worth approximately $17,590,000.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PBR shares. Weiss Ratings upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. JPMorgan Chase & Co. upped 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 report on Tuesday, September 1st. UBS Group lifted their price target on shares of Petroleo Brasileiro S.A.- Petrobras from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, September 23rd. Zacks Research upgraded Petroleo Brasileiro S.A.- Petrobras from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Finally, Wall Street Zen cut shares of Petroleo Brasileiro S.A.- Petrobras from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $20.97.

Petroleo Brasileiro S.A.- Petrobras Price Performance

NYSE:PBR opened at $25.48 on Wednesday. The firm has a market capitalization of $164.17 billion, a price-to-earnings ratio of 6.42, a P/E/G ratio of 1.00 and a beta of 0.29. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.58 and a current ratio of 0.85. The stock has a fifty day moving average of $20.43 and a 200 day moving average of $19.54. Petroleo Brasileiro S.A.- Petrobras has a 52-week low of $11.43 and a 52-week high of $25.80.

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 given a dividend of $0.2649 per share. The ex-dividend date is Tuesday, August 25th. Petroleo Brasileiro S.A.- Petrobras's dividend payout ratio is presently 10.86%.

Petroleo Brasileiro S.A.- Petrobras Company Profile

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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