Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Shares Gap Down - Here's Why

Key Points

• Shares gapped down, opening at $20.28 vs. the prior close of $21.50 and trading down about 5.7% (last $20.1990) on a volume of ~6.85 million shares.
• Analysts are broadly positive with a consensus rating of "Moderate Buy" and an average target of $18.35, while Bank of America upgraded to Buy and raised its target to $24.80.
• Petrobras declared a special dividend of $0.1191 per share payable May 28 (record and ex-dividend date: April 24), with a dividend payout ratio around 10.5%.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $21.50, but opened at $20.28. Petroleo Brasileiro S.A.- Petrobras shares last traded at $20.1990, with a volume of 6,854,931 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PBR. Wall Street Zen upgraded Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "buy" rating in a research report on Sunday, March 22nd. UBS Group upped their target price on shares of Petroleo Brasileiro S.A.- Petrobras from $14.40 to $14.60 and gave the company a "buy" rating in a report on Wednesday, January 14th. Bank of America upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $18.70 to $24.80 in a report on Friday. The Goldman Sachs Group upped their price objective on shares of Petroleo Brasileiro S.A.- Petrobras from $13.10 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Petroleo Brasileiro S.A.- Petrobras has a consensus rating of "Moderate Buy" and an average target price of $18.35.

Petroleo Brasileiro S.A.- Petrobras Trading Down 5.7%

The company has a quick ratio of 0.48, a current ratio of 0.71 and a debt-to-equity ratio of 0.76. The business's fifty day moving average is $18.35 and its 200-day moving average is $14.56. The stock has a market capitalization of $130.66 billion, a PE ratio of 6.67, a P/E/G ratio of 0.17 and a beta of 0.37.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) last announced its quarterly earnings results on Sunday, February 15th. The oil and gas exploration company reported $0.45 earnings per share for the quarter. Petroleo Brasileiro S.A.- Petrobras had a net margin of 22.01% and a return on equity of 24.26%. The company had revenue of $23.61 billion for the quarter. As a group, analysts anticipate that Petroleo Brasileiro S.A.- Petrobras will post 2.14 EPS for the current fiscal year.

Petroleo Brasileiro S.A.- Petrobras Dividend Announcement

The company also recently declared a special dividend, which will be paid on Thursday, May 28th. Shareholders of record on Friday, April 24th will be paid a dividend of $0.1191 per share. The ex-dividend date is Friday, April 24th. Petroleo Brasileiro S.A.- Petrobras's dividend payout ratio is currently 10.53%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PBR. GHP Investment Advisors Inc. acquired a new stake in shares of Petroleo Brasileiro S.A.- Petrobras in the fourth quarter worth $26,000. Clearstead Advisors LLC increased its holdings in Petroleo Brasileiro S.A.- Petrobras by 273.4% in the 4th quarter. Clearstead Advisors LLC now owns 2,330 shares of the oil and gas exploration company's stock valued at $28,000 after purchasing an additional 1,706 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Petroleo Brasileiro S.A.- Petrobras by 74.9% in the second quarter. Geneos Wealth Management Inc. now owns 2,438 shares of the oil and gas exploration company's stock valued at $30,000 after purchasing an additional 1,044 shares during the period. Bayforest Capital Ltd acquired a new position in shares of Petroleo Brasileiro S.A.- Petrobras during the fourth quarter worth about $39,000. Finally, BNP Paribas boosted its position in shares of Petroleo Brasileiro S.A.- Petrobras by 241.9% in the third quarter. BNP Paribas now owns 4,240 shares of the oil and gas exploration company's stock worth $54,000 after buying an additional 3,000 shares during the period.

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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