RWC Asset Advisors US LLC Sells 228,989 Shares of Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• RWC Asset Advisors reduced its Petrobras stake by 5.8%, selling 228,989 shares during the second quarter. It retained 3.75 million shares valued at approximately $60.5 million, representing 13.5% of the firm’s portfolio.
• Analyst sentiment remains favorable, with five Buy ratings and two Holds, an overall “Moderate Buy” rating, and an average price target of $19.48. JPMorgan recently raised its target to $24 and maintained an Overweight rating.
• Petrobras shares opened at $20.15, near the upper end of their 52-week range, and the company announced a $0.2649-per-share special dividend payable December 1 to shareholders of record as of August 25.

RWC Asset Advisors US LLC lowered its stake in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 5.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,746,493 shares of the oil and gas exploration company's stock after selling 228,989 shares during the period. Petroleo Brasileiro S.A.- Petrobras makes up 13.5% of RWC Asset Advisors US LLC's holdings, making the stock its 3rd biggest holding. RWC Asset Advisors US LLC owned 0.06% of Petroleo Brasileiro S.A.- Petrobras worth $60,543,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Advisors LLC grew its stake in Petroleo Brasileiro S.A.- Petrobras by 273.4% during the fourth quarter. Clearstead Advisors LLC now owns 2,330 shares of the oil and gas exploration company's stock worth $28,000 after buying an additional 1,706 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 74.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,438 shares of the oil and gas exploration company's stock worth $30,000 after acquiring an additional 1,044 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the 2nd quarter worth approximately $31,000. Ascentis Independent Advisors acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the 1st quarter worth approximately $51,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the 1st quarter worth approximately $54,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on PBR. JPMorgan Chase & Co. boosted their price objective on shares of 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Friday, August 7th. Finally, 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. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $19.48.

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

Shares of Petroleo Brasileiro S.A.- Petrobras stock opened at $20.15 on Tuesday. The firm's 50 day moving average is $18.25 and its 200 day moving average is $18.78. The firm has a market capitalization of $129.85 billion, a PE ratio of 5.09, a price-to-earnings-growth ratio of 0.79 and a beta of 0.32. Petroleo Brasileiro S.A.- Petrobras has a 1 year low of $11.43 and a 1 year high of $22.24. The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.64.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

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

Petroleo Brasileiro S.A.- Petrobras 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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