Earnest Partners LLC Sells 101,543 Shares of Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Earnest Partners LLC lessened its holdings in shares of Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,174,871 shares of the oil and gas exploration company’s stock after selling 101,543 shares during the quarter. Earnest Partners LLC’s holdings in Petróleo Brasileiro S.A. – Petrobras were worth $46,004,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PBR. Mondrian Investment Partners LTD lifted its position in Petróleo Brasileiro S.A. – Petrobras by 23.0% during the second quarter. Mondrian Investment Partners LTD now owns 10,099,766 shares of the oil and gas exploration company’s stock valued at $144,124,000 after purchasing an additional 1,889,313 shares during the last quarter. Artemis Investment Management LLP grew its position in 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 worth $95,452,000 after acquiring an additional 1,362,108 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in Petróleo Brasileiro S.A. – Petrobras in the second quarter valued at $73,174,000. Victory Capital Management Inc. raised its position in Petróleo Brasileiro S.A. – Petrobras by 38.4% during 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. Finally, Perpetual Ltd bought a new stake in Petróleo Brasileiro S.A. – Petrobras during the first quarter worth about $56,337,000.

Petróleo Brasileiro S.A. – Petrobras Trading Down 2.0 %

PBR stock opened at $14.56 on Friday. The firm’s 50-day moving average price is $14.67 and its two-hundred day moving average price is $15.09. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.67 and a current ratio of 0.90. Petróleo Brasileiro S.A. – Petrobras has a 12-month low of $12.90 and a 12-month high of $17.91.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) last announced its quarterly earnings results on Thursday, August 8th. The oil and gas exploration company reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Petróleo Brasileiro S.A. – Petrobras had a return on equity of 28.42% and a net margin of 16.17%. The company had revenue of $23.47 billion for the quarter, compared to the consensus estimate of $24.22 billion. As a group, analysts expect that Petróleo Brasileiro S.A. – Petrobras will post 2.65 EPS for the current year.

Petróleo Brasileiro S.A. – Petrobras Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PBR. Bank of America upgraded Petróleo Brasileiro S.A. – Petrobras from a “neutral” rating to a “buy” rating and increased their price objective for the company from $16.80 to $17.90 in a research report on Thursday, June 27th. JPMorgan Chase & Co. raised shares of Petróleo Brasileiro S.A. – Petrobras from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $16.50 to $19.00 in a research note on Wednesday. Morgan Stanley raised shares of Petróleo Brasileiro S.A. – Petrobras from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a research note on Monday, August 26th. The Goldman Sachs Group decreased their target price on shares of Petróleo Brasileiro S.A. – Petrobras from $19.30 to $16.70 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, UBS Group cut their price target on shares of Petróleo Brasileiro S.A. – Petrobras from $19.40 to $18.10 and set a “buy” rating for the company in a research report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.20.

Petróleo Brasileiro S.A. – Petrobras Profile

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.