Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Posts Quarterly Earnings Results

Key Points

• Petrobras missed quarterly expectations, reporting EPS of $0.96 versus the $1.02 consensus and revenue of $23.54 billion versus the $26.40 billion estimate.
• Operational performance was strong, with production hitting record levels and refinery utilization rising to 97.4%, supporting record S10 diesel output and lower import needs.
• Management kept a disciplined financial stance, with about $5 billion in Q1 capex, gross debt at $71.2 billion, and a focus on using excess cash for investment and debt reduction rather than extraordinary dividends.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06), FiscalAI reports. The company had revenue of $23.54 billion for the quarter, compared to analysts' expectations of $26.40 billion. Petroleo Brasileiro S.A.- Petrobras had a return on equity of 24.26% and a net margin of 22.01%.

Here are the key takeaways from Petroleo Brasileiro S.A.- Petrobras' conference call:

• Production hit new records, with Q1 2026 output at 2.58 million barrels per day and April reaching 2.73 million barrels per day, as Petrobras highlighted strong ramp-ups from new systems like P-78 and P-79 in Búzios.
• Refining performance remained very strong, as refinery utilization rose to 97.4% in March and S10 diesel production set a record at 512,000 barrels per day, supporting more domestic fuel supply and fewer imports.
• Financial results were solid but some benefits will show later: Petrobras reported BRL 11.7 billion of EBITDA excluding one-offs, $4.5 billion of adjusted net income, and $8.4 billion of operating cash flow, while management said higher oil prices and some subsidy-related effects will be more visible in Q2.
• Capital discipline remains intact, with Q1 capex of about $5 billion concentrated in E&P and gross debt at $71.2 billion, still below the company’s $75 billion ceiling and expected to trend toward $67 billion in 2026.
• Management signaled growth opportunities without changing the core plan, including added funding for Sergipe deepwater projects and continued interest in Mexico, Venezuela, Africa, and Braskem synergies, while saying excess cash would first go toward investment and debt reduction rather than extraordinary dividends.

Petroleo Brasileiro S.A.- Petrobras Price Performance

Shares of PBR stock traded down $0.26 on Tuesday, reaching $20.49. The company's stock had a trading volume of 14,400,312 shares, compared to its average volume of 27,917,152. The company has a quick ratio of 0.48, a current ratio of 0.71 and a debt-to-equity ratio of 0.76. Petroleo Brasileiro S.A.- Petrobras has a 12-month low of $11.03 and a 12-month high of $22.24. The company has a market capitalization of $132.03 billion, a P/E ratio of 6.75, a PEG ratio of 0.82 and a beta of 0.38. The stock's 50 day simple moving average is $19.98 and its 200-day simple moving average is $15.54.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Thursday, May 28th. Investors of record on Friday, April 24th will be given a $0.1191 dividend. The ex-dividend date is Friday, April 24th. Petroleo Brasileiro S.A.- Petrobras's dividend payout ratio (DPR) is 10.86%.

Wall Street Analysts Forecast Growth

PBR has been the topic of several recent research reports. The Goldman Sachs Group increased their target price on Petroleo Brasileiro S.A.- Petrobras from $13.10 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Bank of America upgraded Petroleo Brasileiro S.A.- Petrobras from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $18.70 to $24.80 in a research report on Friday, April 17th. Weiss Ratings reiterated a "hold (c)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research report on Friday, April 10th. Jefferies Financial Group downgraded Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $20.30 to $19.00 in a research report on Friday, March 13th. Finally, UBS Group increased their price objective on Petroleo Brasileiro S.A.- Petrobras from $14.40 to $14.60 and gave the stock a "buy" rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $18.35.

Institutional Investors Weigh In On Petroleo Brasileiro S.A.- Petrobras

Institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Petroleo Brasileiro S.A.- Petrobras by 55.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,852 shares of the oil and gas exploration company's stock valued at $471,000 after purchasing an additional 11,680 shares in the last quarter. Focus Partners Wealth raised its position in Petroleo Brasileiro S.A.- Petrobras by 7.0% during the first quarter. Focus Partners Wealth now owns 20,631 shares of the oil and gas exploration company's stock valued at $296,000 after purchasing an additional 1,356 shares in the last quarter. Cresset Asset Management LLC raised its position in Petroleo Brasileiro S.A.- Petrobras by 55.9% during the second quarter. Cresset Asset Management LLC now owns 15,683 shares of the oil and gas exploration company's stock valued at $201,000 after purchasing an additional 5,624 shares in the last quarter. NewEdge Advisors LLC raised its position in Petroleo Brasileiro S.A.- Petrobras by 797.8% during the second quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company's stock valued at $235,000 after purchasing an additional 16,699 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in Petroleo Brasileiro S.A.- Petrobras by 35.0% during the second quarter. Quantinno Capital Management LP now owns 53,897 shares of the oil and gas exploration company's stock valued at $674,000 after purchasing an additional 13,988 shares in the last quarter.

About Petroleo Brasileiro S.A.- Petrobras

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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