Petroleo Brasileiro S.A.- Petrobras (PBR) Lowered to Sell at Zacks Investment Research

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Petrobras ADRs continue to struggle, reflecting lingering issues pertaining to the money-laundering scandal that has scarred its credit metrics. Over the year, the stock is down 3.8%, underperforming the broader industry. There's no ignoring that the crude price slump has adversely affected the group’s earnings and cash flows, particularly at its upstream unit. On top of that, the company has a leverage of 53% which is a cause of concern, limiting the growth of the company. Petrobras is also exposed to risk relating to adverse currency fluctuations in its international operations. Hence we take a bearish stance on the prospects of the stock.”

Several other research analysts have also recently issued reports on PBR. BidaskClub cut shares of Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Barclays PLC restated an “underweight” rating and issued a $8.00 target price (down previously from $11.00) on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Wednesday, July 12th. Credit Suisse Group set a $12.00 target price on shares of Petroleo Brasileiro S.A.- Petrobras and gave the stock a “buy” rating in a report on Saturday, August 5th. TheStreet upgraded shares of Petroleo Brasileiro S.A.- Petrobras from a “d+” rating to a “c-” rating in a report on Monday, August 7th. Finally, Raymond James Financial, Inc. restated a “market perform” rating on shares of Petroleo Brasileiro S.A.- Petrobras in a report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $9.96.

Shares of Petroleo Brasileiro S.A.- Petrobras (NYSE PBR) traded up 1.75% on Tuesday, hitting $10.47. 6,746,266 shares of the stock were exchanged. The company has a 50 day moving average of $9.82 and a 200 day moving average of $9.07. Petroleo Brasileiro S.A.- Petrobras has a 52-week low of $7.61 and a 52-week high of $12.56. The company’s market cap is $68.29 billion.

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Institutional investors have recently made changes to their positions in the business. Airain ltd purchased a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth about $4,094,000. Fox Run Management L.L.C. purchased a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth about $118,000. Acadian Asset Management LLC raised its position in shares of Petroleo Brasileiro S.A.- Petrobras by 955.6% in the 2nd quarter. Acadian Asset Management LLC now owns 4,066,630 shares of the oil and gas exploration company’s stock worth $32,491,000 after purchasing an additional 3,681,383 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the 1st quarter worth about $15,022,000. Finally, Mizuho Securities USA LLC purchased a new position in shares of Petroleo Brasileiro S.A.- Petrobras in the 2nd quarter worth about $1,987,000. 5.71% of the stock is owned by institutional investors and hedge funds.

Petroleo Brasileiro S.A.- Petrobras Company Profile

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