Norden Group LLC Raises Position in Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Norden Group LLC grew its stake in Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) by 24.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,228 shares of the oil and gas exploration company’s stock after purchasing an additional 40,178 shares during the quarter. Norden Group LLC’s holdings in Petróleo Brasileiro S.A. – Petrobras were worth $2,930,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Artisan Partners Limited Partnership bought a new position in shares of Petróleo Brasileiro S.A. – Petrobras in the fourth quarter valued at approximately $218,758,000. Artemis Investment Management LLP lifted its holdings in shares of Petróleo Brasileiro S.A. – Petrobras by 27.7% in the first quarter. Artemis Investment Management LLP now owns 6,278,919 shares of the oil and gas exploration company’s stock valued at $95,452,000 after purchasing an additional 1,362,108 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Petróleo Brasileiro S.A. – Petrobras by 38.4% in the second quarter. Victory Capital Management Inc. now owns 3,745,895 shares of the oil and gas exploration company’s stock valued at $54,278,000 after purchasing an additional 1,039,700 shares in the last quarter. Perpetual Ltd bought a new position in shares of Petróleo Brasileiro S.A. – Petrobras in the first quarter valued at approximately $56,337,000. Finally, Earnest Partners LLC lifted its holdings in shares of Petróleo Brasileiro S.A. – Petrobras by 4.8% in the first quarter. Earnest Partners LLC now owns 3,276,414 shares of the oil and gas exploration company’s stock valued at $49,834,000 after purchasing an additional 151,056 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PBR. The Goldman Sachs Group dropped their price target on Petróleo Brasileiro S.A. – Petrobras from $19.30 to $16.70 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Bank of America upgraded Petróleo Brasileiro S.A. – Petrobras from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $16.80 to $17.90 in a report on Thursday, June 27th. UBS Group dropped their price target on Petróleo Brasileiro S.A. – Petrobras from $19.40 to $18.10 and set a “buy” rating on the stock in a report on Monday, August 19th. Jefferies Financial Group lowered Petróleo Brasileiro S.A. – Petrobras from a “buy” rating to a “hold” rating and dropped their price target for the stock from $21.20 to $17.70 in a report on Wednesday, May 15th. Finally, Morgan Stanley upgraded Petróleo Brasileiro S.A. – Petrobras from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $20.00 in a report on Monday, August 26th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Petróleo Brasileiro S.A. – Petrobras presently has an average rating of “Moderate Buy” and a consensus target price of $17.63.

Petróleo Brasileiro S.A. – Petrobras Stock Performance

Shares of PBR traded down $0.26 during mid-day trading on Friday, hitting $14.75. The stock had a trading volume of 25,934,655 shares, compared to its average volume of 18,571,414. The firm has a market cap of $96.20 billion, a P/E ratio of 4.29, a PEG ratio of 0.18 and a beta of 1.40. The business has a fifty day moving average price of $14.74 and a 200-day moving average price of $15.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.90 and a quick ratio of 0.67. Petróleo Brasileiro S.A. – Petrobras has a 52 week low of $12.90 and a 52 week high of $17.91.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) last issued its earnings results on Thursday, August 8th. The oil and gas exploration company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $23.47 billion for the quarter, compared to analyst estimates of $24.22 billion. Petróleo Brasileiro S.A. – Petrobras had a return on equity of 28.42% and a net margin of 16.17%. On average, equities research analysts expect that Petróleo Brasileiro S.A. – Petrobras will post 3.14 EPS for the current year.

Petróleo Brasileiro S.A. – Petrobras Increases Dividend

The business also recently declared a Variable dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, August 23rd will be given a $0.165 dividend. The ex-dividend date is Friday, August 23rd. This is a boost from Petróleo Brasileiro S.A. – Petrobras’s previous Variable dividend of $0.03. This represents a dividend yield of 15.4%. Petróleo Brasileiro S.A. – Petrobras’s payout ratio is 25.00%.

About Petróleo Brasileiro S.A. – Petrobras

Petróleo Brasileiro SA – Petrobras explores, produces, and sells oil and gas in Brazil and internationally. The company operates through Exploration and Production; Refining, Transportation and Marketing; and Gas and Power. It also 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.