Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Stock Price Up 4.9% After Analyst Upgrade

Key Points

• Petrobras shares climbed 4.9% to about $20.30 after JPMorgan raised its price target from $23 to $24 and maintained an overweight rating.
• Analyst sentiment is broadly positive, with five Buy ratings, one Hold and one Sell; MarketBeat reports a consensus rating of “Moderate Buy” and an average target price of $19.48.
• Petrobras declared a special dividend of $0.2649 per share, payable December 1 to shareholders of record as of August 25; its payout ratio is 10.86%.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR - Get Free Report) shares rose 4.9% during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $23.00 to $24.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Petroleo Brasileiro S.A.- Petrobras traded as high as $20.22 and last traded at $20.2950. Approximately 16,590,853 shares traded hands during trading, a decline of 26% from the average daily volume of 22,542,963 shares. The stock had previously closed at $19.35.

PBR has been the subject of a number of other research reports. Zacks Research cut Petroleo Brasileiro S.A.- Petrobras from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. Weiss Ratings restated a "buy (b-)" rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.48.

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

A number of institutional investors and hedge funds have recently modified their holdings of PBR. Ameritas Advisory Services LLC bought a new position in Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter valued at $31,000. Clearstead Advisors LLC lifted its position in shares of Petroleo Brasileiro S.A.- Petrobras by 273.4% during the fourth quarter. Clearstead Advisors LLC now owns 2,330 shares of the oil and gas exploration company's stock worth $28,000 after purchasing an additional 1,706 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Petroleo Brasileiro S.A.- Petrobras by 74.9% during the second quarter. Geneos Wealth Management Inc. now owns 2,438 shares of the oil and gas exploration company's stock worth $30,000 after purchasing an additional 1,044 shares during the last quarter. Ascentis Independent Advisors purchased a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at $51,000. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at $54,000.

Petroleo Brasileiro S.A.- Petrobras Trading Up 4.9%

The stock's fifty day moving average price is $17.86 and its 200 day moving average price is $18.60. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.85 and a quick ratio of 0.58. The stock has a market capitalization of $130.76 billion, a P/E ratio of 5.12, a PEG ratio of 0.73 and a beta of 0.33.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The business also recently declared a special dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, August 25th will be paid a dividend of $0.2649 per share. The ex-dividend date of this dividend is Tuesday, August 25th. Petroleo Brasileiro S.A.- Petrobras's payout ratio is currently 10.86%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source