Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Shares Gap Up – Here’s Why

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $18.53, but opened at $19.18. Petroleo Brasileiro S.A.- Petrobras shares last traded at $19.2610, with a volume of 3,933,447 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Petroleo Brasileiro S.A.- Petrobras from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, June 3rd. Zacks Research lowered Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Petroleo Brasileiro S.A.- Petrobras in a research report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.28.

Petroleo Brasileiro S.A.- Petrobras Price Performance

The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $122.70 billion, a price-to-earnings ratio of 4.81, a P/E/G ratio of 0.73 and a beta of 0.33. The company’s 50 day moving average is $17.81 and its 200-day moving average is $18.57.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

The firm also recently declared a special dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, August 25th will be paid a $0.2649 dividend. The ex-dividend date is Tuesday, August 25th. Petroleo Brasileiro S.A.- Petrobras’s dividend payout ratio is 10.86%.

Hedge Funds Weigh In On Petroleo Brasileiro S.A.- Petrobras

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC boosted its holdings in shares of Petroleo Brasileiro S.A.- Petrobras by 273.4% during the 4th quarter. Clearstead Advisors LLC now owns 2,330 shares of the oil and gas exploration company’s stock worth $28,000 after buying an additional 1,706 shares during the period. Geneos Wealth Management Inc. raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 74.9% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,438 shares of the oil and gas exploration company’s stock valued at $30,000 after acquiring an additional 1,044 shares during the period. Ameritas Advisory Services LLC acquired a new stake in Petroleo Brasileiro S.A.- Petrobras during the second quarter worth approximately $31,000. Ascentis Independent Advisors acquired a new stake in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth approximately $51,000. Finally, Harbor Investment Advisory LLC acquired a new stake in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth approximately $54,000.

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.