Bailard Inc., a financial investment firm, recently reduced its stake in Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) by 23.1% during the second quarter of this year. According to a filing with the Securities and Exchange Commission (SEC), Bailard Inc. sold 15,000 shares of the oil and gas exploration company’s stock during this period, resulting in the firm owning 50,000 shares worth $692,000 as of its most recent SEC filing.
Petróleo Brasileiro S.A. – Petrobras last reported its earnings results on August 3rd, revealing that for the quarter it had an earnings per share (EPS) of $0.90. This figure fell short of analysts’ consensus estimates of $0.97 by ($0.07). Moreover, the company recorded revenue amounting to $22.98 billion during the same quarter, which missed analyst estimates projected at $24.71 billion.
Despite falling short of expectations in terms of EPS and revenue, Petróleo Brasileiro S.A. – Petrobras still achieved a return on equity (ROE) of 40.65% and a net margin of 26.86% for the quarter, indicating a strong profitability despite the missed estimates.
In comparison to the same period last year when it earned $1.39 per share, Petróleo Brasileiro S.A. – Petrobras experienced a decline in earnings per share during this quarter.
Sell-side analysts predict that for the current year, Petróleo Brasileiro S.A. – Petrobras will post an earnings per share estimate of 3.59.
The recent decrease in ownership stake by Bailard Inc., combined with mixed quarterly performance results from Petróleo Brasileiro S.A. – Petrobras, reflects potential shifts in investor sentiment towards the oil and gas exploration company’s stock. It remains to be seen how these developments will impact the company’s future financial performance and overall market position.
As of October 3, 2023, investors and stakeholders interested in Petróleo Brasileiro S.A. – Petrobras should closely monitor upcoming announcements and market developments for a more informed perspective on the company’s prospects moving forward.
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Institutional Investors Make Significant Moves in Petróleo Brasileiro S.A. – Petrobras Stock
Institutional investors have been making significant moves in the stock of Petróleo Brasileiro S.A. – Petrobras, as reported in recent filings. Two Sigma Investments LP saw a substantial increase in its stake during the first quarter, with an incredible 1,412.1% surge. This resulted in Two Sigma Investments LP now owning 2,315,038 shares of the oil and gas exploration company’s stock valued at $24,146,000. Contrarius Investment Management Ltd also demonstrated confidence in the company by purchasing a new position worth approximately $20,587,000 during the same quarter.
During the second quarter, Artemis Investment Management LLP boosted its position by 163.2%, acquiring an additional 1,784,476 shares of Petróleo Brasileiro S.A. – Petrobras valued at $39,751,000. Point72 Asset Management L.P. displayed a similar bullish sentiment, increasing its stake by 440.5% during the fourth quarter to own 1,328,000 shares worth $14,143,000. Wellington Management Group LLP joined this trend by amassing an additional 1,604,064 shares during the first quarter.
It is noteworthy that hedge funds and other institutional investors currently own 11.57% of Petróleo Brasileiro S.A. – Petrobras’ stock.
On Tuesday morning trading on October 3rd , PBR stock opened at $14.68 per share—an amount consistent with recent market performance of the company’s stock price. Over the past few weeks and months leading up to this date; PBR has maintained a steady trajectory within certain moving averages such as its fifty-day moving average of $14.40 and its two-hundred-day moving average of
Petróleo Brasileiro S.A.’s market capitalization stands at an impressive $95.74 billion as of October 3rd, 2023. With a price-to-earnings ratio of 3.18 and a beta of 1.38, the company presents an intriguing opportunity for investors seeking value in the energy sector.
The firm remains financially stable with a quick ratio of 0.64 and current ratio of 0.90, indicating sufficient liquidity despite potential short-term economic fluctuations. Moreover, Petróleo Brasileiro S.A. – Petrobras has successfully managed its debt obligations with a debt-to-equity ratio of 0.62.
In terms of dividend offerings, the company recently announced an upcoming dividend payment scheduled for Thursday, November 30th. Shareholders registered as of Wednesday, August 23rd will receive a dividend of $0.2353 per share—a substantial yield of 26.3%. The ex-dividend date is set on Tuesday, August 22nd.
Several research analysts have provided insights and recommendations regarding Petróleo Brasileiro S.A.’s stock performance and outlook. For instance, The Goldman Sachs Group upgraded the stock to a buy rating from neutral in June this year—highlighting their optimism in the company’s future prospects.
Jefferies Financial Group initiated coverage on Petróleo Brasileiro S.A.’s shares with a buy rating and set a target price of $21.20 on September 21st; demonstrating their confidence in the growth potential of the stock.
However, JPMorgan Chase & Co downgraded their rating on the stock from overweight to neutral and lowered their target price from $15.00 to $14.50 on August 4th; potentially due to shifting market conditions or specific industry concerns.
Bradesco Corretora also expressed optimism by upgrading their rating from neutral to outperform and setting a price target of $15.00 on September 8th.
Conversely, Citigroup downgraded their rating from buy to neutral while lowering the price target from $19.00 to $14.00 on August 10th.
Looking at the overall picture, data from Bloomberg suggests that Petróleo Brasileiro S.A. – Petrobras currently holds an average rating of “Moderate Buy” with an average price target of $15.41 across various analysts.
As always, investors should exercise caution and conduct thorough research before making any investment decisions. Although institutional activity and analyst ratings provide valuable insights, they do not guarantee future stock performance.
