Petroleo Brasileiro SA Receives Neutral Rating from Zacks (PBR)
Petroleo Brasileiro SA (NYSE:PBR)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Friday, AmericanBankingNews.com reports. They currently have a $13.00 price objective on the stock. Zacks‘ price target points to a potential upside of 3.67% from the company’s current price.
Zacks‘ analyst wrote, “Following Petrobras’ new pricing scheme, we are maintaining our Neutral stance on the Brazilian state-run energy giant. The new policy would likely lead to automatic adjustment in domestic gasoline and diesel prices, which should benefit PBR. We are also encouraged by the recent increase in pump fuel prices that is expected to boost Petrobras’ margins. Given its strong pipeline of development projects and impressive exploration successes, Petrobras’ long-term outlook seems compelling. However, we remain concerned by the company’s declining production trend. The huge investment requirements and the possibility of heightened state interference add to the negative sentiment. Consequently, we expect Petrobras’ growth potential to be restrained. “
Shares of Petroleo Brasileiro SA (NYSE:PBR) traded up 0.25% during mid-day trading on Friday, hitting $12.5714. The stock had a trading volume of 8,537,866 shares. Petroleo Brasileiro SA has a one year low of $12.03 and a one year high of $20.19. The stock’s 50-day moving average is $13.4 and its 200-day moving average is $14.71. The company has a market cap of $81.994 billion and a P/E ratio of 6.65.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. downgraded shares of Petroleo Brasileiro SA from a “buy” rating to a “neutral” rating in a research note to investors on Monday, December 2nd. They now have a $14.00 price target on the stock, down previously from $25.00. Analysts at Credit Suisse downgraded shares of Petroleo Brasileiro SA from an “outperform” rating to an “underperform” rating in a research note to investors on Monday, December 2nd. They now have a $14.00 price target on the stock, down previously from $25.00. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Petroleo Brasileiro SA presently has a consensus rating of “Hold” and a consensus price target of $17.13.
Petroleo Brasileiro SA (NYSE:PBR) is an integrated oil and gas company.
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