Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Releases Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Petrobras reported quarterly earnings of $0.64 EPS, missing expectations by $0.06, while generating a revenue of $21.04 billion, exceeding analysts' predictions of $20.78 billion.
• The company's stock declined by 7.3% to $12.13 following the earnings announcement, with a trading volume significantly higher than average.
• Petrobras announced a dividend increase to $0.2806 from $0.24, resulting in a remarkable dividend yield of 1,760.0%.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) released its quarterly earnings results on Friday. The oil and gas exploration company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06), Zacks reports. The firm had revenue of $21.04 billion during the quarter, compared to the consensus estimate of $20.78 billion. Petroleo Brasileiro S.A.- Petrobras had a net margin of 15.99% and a return on equity of 34.11%.

Petroleo Brasileiro S.A.- Petrobras Price Performance

NYSE PBR traded down $0.13 during midday trading on Thursday, hitting $12.09. The company had a trading volume of 15,214,892 shares, compared to its average volume of 25,379,858. The company has a market capitalization of $77.88 billion, a PE ratio of 5.65 and a beta of 0.85. The company has a current ratio of 0.72, a quick ratio of 0.47 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $12.55 and a 200-day moving average price of $12.71. Petroleo Brasileiro S.A.- Petrobras has a twelve month low of $11.03 and a twelve month high of $15.73.

Petroleo Brasileiro S.A.- Petrobras Cuts Dividend

The business also recently disclosed a -- dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, August 25th will be issued a $0.2471 dividend. The ex-dividend date of this dividend is Monday, August 25th. This represents a yield of 1,750.0%. Petroleo Brasileiro S.A.- Petrobras's payout ratio is currently 46.26%.

Hedge Funds Weigh In On Petroleo Brasileiro S.A.- Petrobras

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PBR. Cresset Asset Management LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 55.9% in the 2nd quarter. Cresset Asset Management LLC now owns 15,683 shares of the oil and gas exploration company's stock valued at $201,000 after acquiring an additional 5,624 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 797.8% during the 2nd quarter. NewEdge Advisors LLC now owns 18,792 shares of the oil and gas exploration company's stock worth $235,000 after buying an additional 16,699 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 7.0% during the 1st quarter. Focus Partners Wealth now owns 20,631 shares of the oil and gas exploration company's stock worth $296,000 after buying an additional 1,356 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 55.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,852 shares of the oil and gas exploration company's stock worth $471,000 after buying an additional 11,680 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 35.0% during the 2nd quarter. Quantinno Capital Management LP now owns 53,897 shares of the oil and gas exploration company's stock worth $674,000 after buying an additional 13,988 shares in the last quarter.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen upgraded Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Bank of America downgraded Petroleo Brasileiro S.A.- Petrobras from a "buy" rating to a "neutral" rating in a research note on Monday, June 9th. Finally, Jefferies Financial Group upgraded 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 research note on Thursday, May 15th. One investment 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, Petroleo Brasileiro S.A.- Petrobras has an average rating of "Buy" and an average target price of $17.40.

Petroleo Brasileiro S.A.- Petrobras Company 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.