JPMorgan Chase & Co. Lowers Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) Price Target to $23.00

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $24.00 to $23.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 25.00% from the stock’s current price.

PBR has been the topic of several other reports. Jefferies Financial Group cut shares of Petroleo Brasileiro S.A.- Petrobras from a “buy” rating to a “hold” rating and decreased their target price for the stock from $20.30 to $19.00 in a research report on Friday, March 13th. Zacks Research downgraded shares of Petroleo Brasileiro S.A.- Petrobras from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Bank of America raised shares of Petroleo Brasileiro S.A.- Petrobras from a “neutral” rating to a “buy” rating and increased their price target for the stock from $18.70 to $24.80 in a research note on Friday, April 17th. Wall Street Zen raised shares of Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research note on Sunday, March 22nd. Finally, The Goldman Sachs Group increased their price target on shares of Petroleo Brasileiro S.A.- Petrobras from $13.10 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.28.

Petroleo Brasileiro S.A.- Petrobras Trading Down 1.7%

NYSE:PBR traded down $0.32 on Wednesday, reaching $18.40. The stock had a trading volume of 4,817,776 shares, compared to its average volume of 26,253,641. The company has a market cap of $118.58 billion, a price-to-earnings ratio of 5.97, a P/E/G ratio of 0.75 and a beta of 0.32. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.74 and a quick ratio of 0.49. The firm’s fifty day moving average is $20.43 and its two-hundred day moving average is $16.35. Petroleo Brasileiro S.A.- Petrobras has a 12-month low of $11.03 and a 12-month high of $22.24.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) last released its earnings results on Tuesday, March 31st. The oil and gas exploration company reported $0.96 earnings per share (EPS) for the quarter. The company had revenue of $23.54 billion for the quarter. Petroleo Brasileiro S.A.- Petrobras had a net margin of 21.67% and a return on equity of 23.65%. Equities analysts expect that Petroleo Brasileiro S.A.- Petrobras will post 4.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 71.7% in the first quarter. NewEdge Advisors LLC now owns 21,753 shares of the oil and gas exploration company’s stock valued at $451,000 after buying an additional 9,085 shares during the period. Vestor Capital LLC purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the first quarter valued at approximately $119,000. Oaktree Fund Advisors LLC purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the first quarter valued at approximately $7,992,000. Western Wealth Management LLC purchased a new position in Petroleo Brasileiro S.A.- Petrobras in the first quarter valued at approximately $176,000. Finally, McIlrath & Eck LLC raised its holdings in Petroleo Brasileiro S.A.- Petrobras by 8.7% in the first quarter. McIlrath & Eck LLC now owns 12,267 shares of the oil and gas exploration company’s stock valued at $255,000 after buying an additional 980 shares during the period.

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.