Societe Generale Upgrades Petroleo Brasileiro SA Petrobras (PBR) to “Buy”

Petroleo Brasileiro SA Petrobras (NYSE:PBR) was upgraded by investment analysts at Societe Generale from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

A number of other research firms also recently weighed in on PBR. Credit Suisse Group AG reaffirmed a “hold” rating and set a $11.00 price target on shares of Petroleo Brasileiro SA Petrobras in a research report on Monday, March 6th. JPMorgan Chase & Co. raised Petroleo Brasileiro SA Petrobras from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $10.42 to $10.63 in a research report on Monday, February 13th. Barclays PLC reaffirmed an “underweight” rating and set a $11.00 price target on shares of Petroleo Brasileiro SA Petrobras in a research report on Wednesday, February 1st. Zacks Investment Research raised Petroleo Brasileiro SA Petrobras from a “sell” rating to a “hold” rating in a research report on Tuesday, March 21st. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Petroleo Brasileiro SA Petrobras in a research report on Wednesday, November 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $10.46.

Analyst Recommendations for Petroleo Brasileiro SA Petrobras (NYSE:PBR)

Shares of Petroleo Brasileiro SA Petrobras (NYSE:PBR) opened at 9.16 on Friday. The firm’s market cap is $59.74 billion. Petroleo Brasileiro SA Petrobras has a 52 week low of $5.19 and a 52 week high of $12.56. The stock has a 50 day moving average of $9.93 and a 200 day moving average of $10.36.

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Several large investors have recently made changes to their positions in PBR. Baillie Gifford & Co. bought a new stake in shares of Petroleo Brasileiro SA Petrobras during the fourth quarter worth about $125,308,000. Horseman Capital Management Ltd boosted its stake in shares of Petroleo Brasileiro SA Petrobras by 28.6% in the third quarter. Horseman Capital Management Ltd now owns 9,775,300 shares of the oil and gas exploration company’s stock worth $91,204,000 after buying an additional 2,175,300 shares in the last quarter. Indus Capital Partners LLC bought a new stake in shares of Petroleo Brasileiro SA Petrobras during the fourth quarter worth about $14,954,000. Janus Capital Management LLC boosted its stake in shares of Petroleo Brasileiro SA Petrobras by 15.0% in the fourth quarter. Janus Capital Management LLC now owns 5,698,093 shares of the oil and gas exploration company’s stock worth $57,608,000 after buying an additional 741,182 shares in the last quarter. Finally, Capital Growth Management LP bought a new stake in shares of Petroleo Brasileiro SA Petrobras during the third quarter worth about $5,598,000. Institutional investors own 6.03% of the company’s stock.

About Petroleo Brasileiro SA Petrobras

Petroleo Brasileiro SA Petrobras is a Brazil-based integrated oil and gas company. The Company’s activities are divided into five business segments: Exploration and Production (E&P), which focuses on the exploration, development and production of crude oil, natural gas liquid (NGL) and natural gas in Brazil and abroad; Refining, Transportation and Marketing, which mainly covers the refining, logistics, transport and trading of crude oil and oil products, export of ethanol, as well as extraction and processing of shale; Gas and Power, which includes transportation and trading of LNG and natural gas, as well as generation and sale of electricity; Distribution, which sells oil products through own retail network and wholesale channels, and Biofuels, which includes the production of biodiesel and its co-products, as well as ethanol-related activities.

5 Day Chart for NYSE:PBR

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