Petroleo Brasileiro S.A.- Petrobras $PBR Stock Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. lessened its stake in shares of Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) by 15.2% in the third quarter, Holdings Channel reports. The institutional investor owned 358,445 shares of the oil and gas exploration company’s stock after selling 64,111 shares during the period. Salem Investment Counselors Inc.’s holdings in Petroleo Brasileiro S.A.- Petrobras were worth $7,483,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PBR. Artemis Investment Management LLP grew its stake 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 worth $138,640,000 after acquiring an additional 270,422 shares during the last quarter. Oaktree Capital Management LP purchased a new stake in shares of Petroleo Brasileiro S.A.- Petrobras during the first quarter valued at approximately $126,355,000. Carrhae Capital LLP purchased a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the second quarter worth $87,456,000. DJE Kapital AG purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the 1st quarter worth about $65,428,000. Finally, Public Employees Retirement System of Ohio bought a new position in Petroleo Brasileiro S.A.- Petrobras during the second quarter valued at approximately $42,858,000.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PBR. Zacks Research upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Weiss Ratings raised Petroleo Brasileiro S.A.- Petrobras from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Petroleo Brasileiro S.A.- Petrobras from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. UBS Group lifted their price objective on Petroleo Brasileiro S.A.- Petrobras from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 23rd. Finally, Wall Street Zen cut Petroleo Brasileiro S.A.- Petrobras from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.97.

Petroleo Brasileiro S.A.- Petrobras Stock Performance

Shares of NYSE PBR opened at $25.48 on Wednesday. The firm has a fifty day moving average price of $20.43 and a 200-day moving average price of $19.54. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.85 and a quick ratio of 0.58. The stock has a market cap of $164.17 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.00 and a beta of 0.29. Petroleo Brasileiro S.A.- Petrobras has a 1 year low of $11.43 and a 1 year high of $25.80.

Petroleo Brasileiro S.A.- Petrobras Announces Dividend

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

Petroleo Brasileiro S.A.- Petrobras Company Profile

Petróleo Brasileiro SA, commonly known as Petrobras, is a Brazilian state-controlled, integrated energy company headquartered in Rio de Janeiro. Founded in 1953, the company is engaged primarily in the exploration, development, production, refining, transportation and marketing of oil and natural gas.

Petrobras has a major focus on offshore operations, particularly the development of Brazil’s pre-salt oil fields in the Santos and Campos basins. Its activities also include the processing and sale of petroleum products, natural gas and biofuels, as well as participation in power generation and other energy-related businesses.

The company serves the Brazilian market through its production, refining, logistics and distribution activities and has historically maintained international operations and partnerships.