RWC Asset Management LLP Sells 307,920 Shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR)

Key Points

• RWC Asset Management LLP has decreased its stock holdings in Petroleo Brasileiro S.A.- Petrobras by 14.4%, selling 307,920 shares, with its remaining holdings valued at approximately $26 million.
• A number of hedge funds have adjusted their positions in Petrobras, with Lazard Asset Management increasing its stake by 16.4% during the fourth quarter, now owning over 21 million shares.
• Several equity analysts have issued mixed ratings on Petrobras, with a consensus rating of "Buy" and a price target of $17.40, despite a downgrade from Bank of America.

RWC Asset Management LLP lessened its position in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 14.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,834,992 shares of the oil and gas exploration company's stock after selling 307,920 shares during the period. Petroleo Brasileiro S.A.- Petrobras makes up about 1.4% of RWC Asset Management LLP's investment portfolio, making the stock its 21st biggest holding. RWC Asset Management LLP's holdings in Petroleo Brasileiro S.A.- Petrobras were worth $26,314,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Petroleo Brasileiro S.A.- Petrobras by 7.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,971 shares of the oil and gas exploration company's stock valued at $760,000 after acquiring an additional 3,537 shares in the last quarter. Assetmark Inc. increased its position in shares of Petroleo Brasileiro S.A.- Petrobras by 12.5% during the 1st quarter. Assetmark Inc. now owns 1,008,475 shares of the oil and gas exploration company's stock worth $14,462,000 after purchasing an additional 111,757 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Petroleo Brasileiro S.A.- Petrobras by 31.8% in the first quarter. Avantax Advisory Services Inc. now owns 144,098 shares of the oil and gas exploration company's stock valued at $2,066,000 after buying an additional 34,787 shares in the last quarter. Journey Strategic Wealth LLC increased its holdings in Petroleo Brasileiro S.A.- Petrobras by 42.9% during the first quarter. Journey Strategic Wealth LLC now owns 41,070 shares of the oil and gas exploration company's stock worth $589,000 after buying an additional 12,320 shares during the last quarter. Finally, Redwood Park Advisors LLC raised its position in Petroleo Brasileiro S.A.- Petrobras by 95.6% during the first quarter. Redwood Park Advisors LLC now owns 3,703 shares of the oil and gas exploration company's stock worth $53,000 after acquiring an additional 1,810 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PBR. Bank of America cut Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "neutral" rating in a report on Monday, June 9th. Wall Street Zen raised Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, Jefferies Financial Group raised Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating and set a $15.30 price target for the company in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $17.40.

Petroleo Brasileiro S.A.- Petrobras Price Performance

Shares of NYSE PBR traded down $0.20 during midday trading on Thursday, reaching $12.74. 12,457,416 shares of the company were exchanged, compared to its average volume of 20,850,443. The stock's 50-day moving average price is $12.35 and its 200-day moving average price is $12.80. The stock has a market cap of $82.07 billion, a P/E ratio of 9.49 and a beta of 0.85. The company has a quick ratio of 0.47, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Petroleo Brasileiro S.A.- Petrobras has a one year low of $11.03 and a one year high of $15.73.

Petroleo Brasileiro S.A.- Petrobras Increases Dividend

The firm also recently declared a -- dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.2806 per share. This represents a dividend yield of 17.6%. The ex-dividend date is Wednesday, June 4th. This is a positive change from Petroleo Brasileiro S.A.- Petrobras's previous -- dividend of $0.24. Petroleo Brasileiro S.A.- Petrobras's payout ratio is 73.88%.

Petroleo Brasileiro S.A.- Petrobras Profile

Petróleo Brasileiro SA - Petrobras explores, produces, and sells oil and gas in Brazil and internationally. The company operates through three segments: Exploration and Production; Refining, Transportation and Marketing; and Gas and Power. The Exploration and Production segment explores, develops, and produces crude oil, natural gas liquids, and natural gas primarily for supplies to the domestic refineries.