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

Key Points

• Petrobras shares rose 2.8%, opening at $19.18 versus a prior close of $18.53 and later trading near $19.26.
• Analyst sentiment remains generally positive, with five Buy ratings, one Hold and one Sell; the consensus is “Moderate Buy” with a $19.28 average price target.
• The company declared a $0.2649-per-share special dividend, payable December 1 to shareholders of record as of August 25.

Shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $18.53, but opened at $19.18. Petroleo Brasileiro S.A.- Petrobras shares last traded at $19.2610, with a volume of 3,933,447 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. 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. Zacks Research lowered shares of Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.28.

Petroleo Brasileiro S.A.- Petrobras Stock Up 2.8%

The firm's 50 day moving average is $17.81 and its two-hundred day moving average is $18.57. The firm has a market cap of $122.70 billion, a P/E ratio of 4.81, a price-to-earnings-growth ratio of 0.73 and a beta of 0.33. The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.64.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The firm also recently declared a special dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, August 25th will be given 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 (DPR) is currently 10.86%.

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

Several institutional investors have recently modified their holdings of the business. Inspire Investing LLC grew its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 8.8% during the first quarter. Inspire Investing LLC now owns 7,062 shares of the oil and gas exploration company's stock worth $147,000 after buying an additional 574 shares in the last quarter. Checchi Capital Advisers LLC lifted its stake in Petroleo Brasileiro S.A.- Petrobras by 3.0% in the 1st quarter. Checchi Capital Advisers LLC now owns 24,130 shares of the oil and gas exploration company's stock valued at $501,000 after acquiring an additional 696 shares in the last quarter. Drum Hill Capital LLC boosted its position in Petroleo Brasileiro S.A.- Petrobras by 0.5% during the 1st quarter. Drum Hill Capital LLC now owns 132,360 shares of the oil and gas exploration company's stock worth $2,746,000 after acquiring an additional 714 shares during the last quarter. Truist Financial Corp lifted its position in shares of Petroleo Brasileiro S.A.- Petrobras by 2.6% in the fourth quarter. Truist Financial Corp now owns 32,726 shares of the oil and gas exploration company's stock worth $388,000 after purchasing an additional 829 shares in the last quarter. Finally, Ascent Group LLC boosted its holdings in Petroleo Brasileiro S.A.- Petrobras by 5.9% during the second quarter. Ascent Group LLC now owns 15,689 shares of the oil and gas exploration company's stock worth $254,000 after purchasing an additional 868 shares during the last quarter.

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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