Shares of Petroleo Brasileiro SA – Petrobras (NYSE:PBR) dropped 1.3% on Wednesday . The company traded as low as $8.29 and last traded at $8.36, with a volume of 17,325,065 shares changing hands. The stock had previously closed at $8.47.

PBR has been the subject of a number of recent analyst reports. Barclays PLC reissued an “equal weight” rating and set a $6.50 target price on shares of Petroleo Brasileiro SA – Petrobras in a research report on Wednesday, March 23rd. Simmons cut their price target on Petroleo Brasileiro SA – Petrobras to $2.00 in a report on Friday, March 25th. Zacks Investment Research cut Petroleo Brasileiro SA – Petrobras from a “buy” rating to a “hold” rating in a report on Monday. Bank of America Corp. restated a “neutral” rating and set a $7.35 price target (down from $7.50) on shares of Petroleo Brasileiro SA – Petrobras in a report on Friday, May 13th. Finally, Citigroup Inc. assumed coverage on Petroleo Brasileiro SA – Petrobras in a report on Tuesday, June 7th. They set a “reduce” rating on the stock. Eight equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $6.79.

The company’s market capitalization is $54.66 billion. The company’s 50 day moving average price is $7.02 and its 200-day moving average price is $5.59.

Petroleo Brasileiro SA Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P includes exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil.

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