Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) Shares Gap Down – What’s Next?

Shares of Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) gapped down before the market opened on Wednesday. The stock had previously closed at $18.28, but opened at $17.60. Petroleo Brasileiro S.A. – Petrobras shares last traded at $18.0660, with a volume of 6,884,763 shares.

Analyst Upgrades and Downgrades

PBR has been the topic of several analyst reports. Zacks Research upgraded shares of Petroleo Brasileiro S.A. – Petrobras from a “hold” rating to a “strong-buy” rating in a report on Friday, October 30th. Weiss Ratings downgraded shares of Petroleo Brasileiro S.A. – Petrobras from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. Wall Street Zen raised shares of Petroleo Brasileiro S.A. – Petrobras from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. JPMorgan Chase & Co. boosted their target price on Petroleo Brasileiro S.A. – Petrobras from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, September 1st. Finally, UBS Group boosted their target price on Petroleo Brasileiro S.A. – Petrobras from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $20.97.

Petroleo Brasileiro S.A. – Petrobras Stock Performance

The company has a quick ratio of 0.58, a current ratio of 0.85 and a debt-to-equity ratio of 0.64. The business has a 50 day simple moving average of $22.00 and a two-hundred day simple moving average of $19.31. The firm has a market cap of $116.70 billion, a PE ratio of 3.89, a price-to-earnings-growth ratio of 0.37 and a beta of 0.33.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Carrhae Capital LLP purchased a new position in shares of Petroleo Brasileiro S.A. – Petrobras during the second quarter worth approximately $87,456,000. Timothy G. Youngquist 2020 Irrevocable Trust bought a new stake in shares of Petroleo Brasileiro S.A. – Petrobras during the second quarter valued at approximately $1,027,000. Franchise GP Ltd bought a new stake in shares of Petroleo Brasileiro S.A. – Petrobras during the third quarter valued at approximately $17,660,000. Artemis Investment Management LLP boosted its holdings in shares of Petroleo Brasileiro S.A. – Petrobras by 4.2% in the third quarter. Artemis Investment Management LLP now owns 6,643,028 shares of the oil and gas exploration company’s stock valued at $138,640,000 after purchasing an additional 270,422 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Petroleo Brasileiro S.A. – Petrobras in the first quarter valued at approximately $2,074,000.

About Petroleo Brasileiro S.A. – Petrobras

Petróleo Brasileiro S.A., known as Petrobras, is an integrated energy company headquartered in Rio de Janeiro, Brazil. Founded in 1953, it is controlled by the Brazilian government and has publicly traded shares, including American depositary shares listed in the United States. Petrobras’s core business is exploring for and producing oil and natural gas, with a significant focus on offshore and deepwater fields, including Brazil’s pre-salt basins. The company also operates in refining, transportation, and the sale of oil, fuels, natural gas, and related energy products.