GQG Partners LLC recently announced the acquisition of new stake in Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR). The institutional investor has increased its shareholding in the Energy company by 1.71% to 214.16 million shares with purchase of 3.61 million shares. This fresh investment now brings its stake to 5.76% valued currently at $2.75 billion. In addition, Fidelity Management & Research Co raised its holdings by 4.79 million to 43.62 million shares. And Lazard Asset Management LLC has lifted its position by 0.47% or 0.14 million shares – to 29.65 million shares.
With over 50.56 million Petroleo Brasileiro S.A. – Petrobras (PBR) shares trading Friday and a closing price of $11.35 on the day, the dollar volume was approximately $573.82 million. The shares have shown a negative half year performance of -24.81% and its price on 11/18/22 lost nearly -0.96%. Currently, there are 6.52B common shares owned by the public and among those 4.20B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for PBR have a consensus price objective of $15.21. The analysts have set the share’s price value over the next 12 months at a high of $17.43 and a low of $13.40. The average price target is 30.71% above its recent price level and an upside to the estimated low will see the stock gain 15.3% over that period. But an upside of 34.88% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
The top 3 mutual fund holders in Petroleo Brasileiro S.A. – Petrobras are Goldman Sachs GQG Partners Intern, GQG Partners Emerging Markets Equ, and Baillie Gifford Emerging Markets. Goldman Sachs GQG Partners Intern owns 45.54 million shares of the company’s stock, all valued at over $583.86 million. The company bought an additional 7.09 million shares recently to bring their total holdings to about 1.22% of the shares outstanding. GQG Partners Emerging Markets Equ bought 7.51 million shares to see its total holdings expand to 36.58 million shares valued at over $468.94 million and representing 0.98% of the shares outstanding. Baillie Gifford Emerging Markets sold -1.72 million shares to bring its total holdings to over 16.96 million shares at a value of $217.46 million. Baillie Gifford Emerging Markets now owns shares totaling to 0.46% of the shares outstanding.
Shares of Petroleo Brasileiro S.A. – Petrobras (NYSE: PBR) opened at $11.30, down -$0.16 from a prior closing price of $11.46. However, the script later moved the day high at 11.48, down -0.96%. The company’s stock has a 5-day price change of -1.82% and -18.52% over the past three months. PBR shares are trading 5.59% year to date (YTD), with the 12-month market performance up to 21.56% higher. It has a 12-month low price of $9.14 and touched a high of $16.32 over the same period. PBR has an average intraday trading volume of 36.21 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.62%, -14.32%, and -15.53% respectively.
Institutional ownership of Petroleo Brasileiro S.A. – Petrobras (NYSE: PBR) shares accounts for 23.40% of the company’s 6.52B shares outstanding. Mutual fund holders own 13.64%, while other institutional holders and individual stakeholders account for 8.58% and — respectively.
It has a market capitalization of $70.54B and a beta (3y monthly) value of 1.48. The stock’s trailing 12-month PE ratio is 2.27, while the earnings-per-share (ttm) stands at $4.99. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.33% over the week and 4.57% over the month.
Analysts forecast that Petroleo Brasileiro S.A. – Petrobras (PBR) will achieve an EPS of $1.51 for the current quarter, $1.29 for the next quarter and $3.71 for 2023. The lowest estimate earnings-per-share for the quarter is $1.05 while analysts give the company a high EPS estimate of $2.31. Comparatively, EPS for the current quarter was $0.51 a year ago. Earnings per share for the fiscal year are expected to increase by 118.90%, and -28.91% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Petroleo Brasileiro S.A. – Petrobras (PBR) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PBR, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on November 04, 2022, with the firm’s price target at $13.60-$12.30. JP Morgan coverage for the Petroleo Brasileiro S.A. – Petrobras (PBR) stock in a research note released on October 31, 2022 offered a Neutral rating with a price target of $14. Credit Suisse was of a view on October 17, 2022 that the stock is Neutral, while BofA Securities gave the stock Neutral rating on March 08, 2022, issuing a price target of $46.50. Goldman on their part issued Buy rating on December 16, 2021.