TT International Asset Management LTD Purchases 913,404 Shares of Petroleo Brasileiro S.A.- Petrobras $PBR

Key Points

• TT International Asset Management increased its Petrobras position by 74.4% in the third quarter, buying 913,404 shares. It held 2,141,750 shares worth about $44.7 million at the reporting period’s end.
• Analyst sentiment is broadly positive: the stock has an average “Buy” rating and a $20.97 average price target; UBS and JPMorgan recently raised their targets to $23 and $24, respectively.
• Petrobras declared a special dividend of $0.2649 per share, while its shares opened at $21.07 and were down 0.4% on Wednesday.

TT International Asset Management LTD grew its position in Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Free Report) by 74.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,141,750 shares of the oil and gas exploration company's stock after buying an additional 913,404 shares during the period. Petroleo Brasileiro S.A.- Petrobras makes up about 5.0% of TT International Asset Management LTD's investment portfolio, making the stock its 10th largest holding. TT International Asset Management LTD's holdings in Petroleo Brasileiro S.A.- Petrobras were worth $44,698,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PBR. Artemis Investment Management LLP increased its position in shares of Petroleo Brasileiro S.A.- Petrobras by 4.2% during the third quarter. Artemis Investment Management LLP now owns 6,643,028 shares of the oil and gas exploration company's stock valued at $138,640,000 after acquiring an additional 270,422 shares in the last quarter. Oaktree Capital Management LP bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 1st quarter valued at approximately $126,355,000. Carrhae Capital LLP bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at approximately $87,456,000. RWC Asset Advisors US LLC lifted its position in Petroleo Brasileiro S.A.- Petrobras by 17.7% in the 3rd quarter. RWC Asset Advisors US LLC now owns 4,409,205 shares of the oil and gas exploration company's stock valued at $92,020,000 after acquiring an additional 662,712 shares in the last quarter. Finally, DJE Kapital AG purchased a new stake in Petroleo Brasileiro S.A.- Petrobras during the 1st quarter valued at $65,428,000.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wall Street Zen raised Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "strong-buy" rating in a report on Saturday. Zacks Research upgraded Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 30th. UBS Group upped their price target on Petroleo Brasileiro S.A.- Petrobras from $22.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, September 23rd. Weiss Ratings raised Petroleo Brasileiro S.A.- Petrobras from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 9th. Finally, JPMorgan Chase & Co. increased their price objective 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. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Petroleo Brasileiro S.A.- Petrobras has an average rating of "Buy" and an average target price of $20.97.

Petroleo Brasileiro S.A.- Petrobras Stock Down 0.4%

Shares of Petroleo Brasileiro S.A.- Petrobras stock opened at $21.07 on Wednesday. Petroleo Brasileiro S.A.- Petrobras has a twelve month low of $11.43 and a twelve month high of $26.39. The company has a quick ratio of 0.58, a current ratio of 0.85 and a debt-to-equity ratio of 0.64. The company's 50 day moving average is $22.07 and its 200 day moving average is $19.13. The company has a market cap of $135.82 billion, a price-to-earnings ratio of 5.32, a price-to-earnings-growth ratio of 1.89 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 issued 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 presently 10.86%.

Petroleo Brasileiro S.A.- Petrobras Profile

Petróleo Brasileiro SA — Petrobras is a Brazilian state-controlled, integrated energy company engaged in the exploration, development, production, refining, transportation and marketing of oil and natural gas. Founded in 1953, the company plays a central role in Brazil's energy sector and is headquartered in Rio de Janeiro.

Petrobras produces crude oil and natural gas, with a major focus on Brazil's deepwater and pre-salt offshore fields. Its operations also include refining and selling petroleum products such as gasoline, diesel, aviation fuel, liquefied petroleum gas and other petrochemicals.

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