Thornburg Investment Management Inc. Has $682,000 Stock Position in Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• Thornburg Investment Management cut its Petrobras stake by 87.8% in the second quarter, selling 303,479 shares and retaining 42,214 shares valued at approximately $682,000.
• Other institutional investors showed mixed activity, with Hennessy Advisors nearly doubling its holdings and several funds initiating or increasing positions in Petrobras.
• Petrobras declared a $0.2649-per-share special dividend. Analysts maintain a “Moderate Buy” consensus, with a $19.28 average price target versus the stock’s reported $18.52 opening price.

Thornburg Investment Management Inc. reduced its position in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 87.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,214 shares of the oil and gas exploration company's stock after selling 303,479 shares during the period. Thornburg Investment Management Inc.'s holdings in Petroleo Brasileiro S.A.- Petrobras were worth $682,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PBR. Hennessy Advisors Inc. increased its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 93.7% during the second quarter. Hennessy Advisors Inc. now owns 855,400 shares of the oil and gas exploration company's stock worth $13,823,000 after buying an additional 413,800 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth approximately $42,858,000. Oxbow Advisors LLC boosted its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 1.5% in the 2nd quarter. Oxbow Advisors LLC now owns 457,176 shares of the oil and gas exploration company's stock worth $7,388,000 after acquiring an additional 6,697 shares in the last quarter. First National Bank of Omaha grew its position in Petroleo Brasileiro S.A.- Petrobras by 5.1% during the 2nd quarter. First National Bank of Omaha now owns 430,336 shares of the oil and gas exploration company's stock worth $6,999,000 after acquiring an additional 20,945 shares during the last quarter. Finally, Timothy G. Youngquist 2020 Irrevocable Trust bought a new stake in Petroleo Brasileiro S.A.- Petrobras during the 2nd quarter worth approximately $1,027,000.

Petroleo Brasileiro S.A.- Petrobras Stock Performance

PBR stock opened at $18.52 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.85 and a quick ratio of 0.58. The company has a 50 day moving average price of $17.81 and a 200 day moving average price of $18.55. Petroleo Brasileiro S.A.- Petrobras has a fifty-two week low of $11.43 and a fifty-two week high of $22.24. The stock has a market capitalization of $119.35 billion, a PE ratio of 4.68, a price-to-earnings-growth ratio of 0.75 and a beta of 0.33.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

The company also recently declared a special dividend, which will be paid on Tuesday, December 1st. Stockholders 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 dividend payout ratio is 10.86%.

Analyst Ratings Changes

A number of research firms recently weighed in on PBR. Zacks Research cut Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. Weiss Ratings restated a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. lowered their target price on Petroleo Brasileiro S.A.- Petrobras from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, June 3rd. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.28.

Petroleo Brasileiro S.A.- Petrobras Company 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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