PETROLEO BRASIL/ADR (PBR) Upgraded to “Hold” by Zacks Investment Research
According to Zacks, “The Brazilian oil giant is riding high on the back of its impressive portfolio and strategic initiatives, with its shares outperforming the broader market. Petrobras projects 5% average annual output growth till 2023. The company’s cost containment efforts and ambitious divestment plans have been helping the company to trim debt and improve its credit ratings. However, the fact that Petrobras is still reeling under huge debt burden cannot be overlooked. The elevated leverage of the firm, coupled with years of mismanagement and corruption remain concerns. Further, the Brazilian government's interference with the company's affairs may hurt Petrobras' prospects. As such, the stock warrants a cautious stance.”
A number of other brokerages have also commented on PBR. Credit Suisse Group raised shares of PETROLEO BRASIL/ADR from a neutral rating to an outperform rating and boosted their price objective for the stock from $15.00 to $21.00 in a research report on Monday, April 8th. ValuEngine raised shares of PETROLEO BRASIL/ADR from a hold rating to a buy rating in a research report on Monday, February 4th. HSBC raised shares of PETROLEO BRASIL/ADR from a hold rating to a buy rating in a research report on Thursday, March 14th. Barclays lowered shares of PETROLEO BRASIL/ADR from an overweight rating to an underweight rating and set a $17.00 price objective on the stock. in a research report on Thursday, January 10th. Finally, UBS Group raised shares of PETROLEO BRASIL/ADR from a neutral rating to a buy rating in a research report on Tuesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. PETROLEO BRASIL/ADR presently has an average rating of Buy and a consensus price target of $18.50.
PETROLEO BRASIL/ADR (NYSE:PBR) last announced its quarterly earnings data on Wednesday, February 27th. The oil and gas exploration company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.06). The business had revenue of $24.35 billion during the quarter, compared to the consensus estimate of $24.18 billion. PETROLEO BRASIL/ADR had a return on equity of 11.44% and a net margin of 7.50%. Analysts anticipate that PETROLEO BRASIL/ADR will post 1.41 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Confluence Investment Management LLC bought a new stake in PETROLEO BRASIL/ADR during the fourth quarter worth $252,000. Quadrant Capital Group LLC raised its position in PETROLEO BRASIL/ADR by 293.7% during the fourth quarter. Quadrant Capital Group LLC now owns 18,464 shares of the oil and gas exploration company’s stock worth $237,000 after acquiring an additional 13,774 shares in the last quarter. Virtu Financial LLC bought a new stake in PETROLEO BRASIL/ADR during the first quarter worth $330,000. AQR Capital Management LLC raised its position in PETROLEO BRASIL/ADR by 9.4% during the third quarter. AQR Capital Management LLC now owns 282,788 shares of the oil and gas exploration company’s stock worth $3,413,000 after acquiring an additional 24,390 shares in the last quarter. Finally, Spinnaker Capital LTD bought a new stake in PETROLEO BRASIL/ADR during the fourth quarter worth $1,307,000. 7.03% of the stock is currently owned by hedge funds and other institutional investors.
About PETROLEO BRASIL/ADR
Petróleo Brasileiro SA – Petrobras operates in the oil, natural gas, and energy industries in Brazil and internationally. It engages in prospecting, drilling, refining, processing, trading, and transporting crude oil from producing onshore and offshore oil fields and shale or other rocks, as well as oil products, natural gas, and other liquid hydrocarbons.
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