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Petroleo Brasileiro SA (NYSE:PBR) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday. They currently have a $16.00 price objective on the stock, down from their previous price objective of $17.00. Morgan Stanley’s price objective would indicate a potential upside of 6.81% from the stock’s previous close.

The analysts wrote, “The decision of the government to contract PBR to operate the exceeding volumes from the Transfer of Rights (ToR) was a negative one. Non-discretionary incremental barrels increase future capex, which is a concern. We see limited upside to our target and move to the sidelines at Equal-weight.”

A number of other analysts have also recently weighed in on PBR. Analysts at Zacks reiterated a “neutral” rating on shares of Petroleo Brasileiro SA in a research note on Friday, June 20th. They now have a $16.00 price target on the stock. Finally, analysts at BMO Capital Markets initiated coverage on shares of Petroleo Brasileiro SA in a research note on Thursday, April 3rd. They set a “market perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating, Petroleo Brasileiro SA currently has a consensus rating of “Hold” and an average target price of $15.00.

Petroleo Brasileiro SA (NYSE:PBR) traded down 0.53% during mid-day trading on Wednesday, hitting $14.8999. The stock had a trading volume of 10,120,563 shares. Petroleo Brasileiro SA has a 52 week low of $10.20 and a 52 week high of $17.97. The stock’s 50-day moving average is $15.07 and its 200-day moving average is $13.15. The company has a market cap of $97.181 billion and a price-to-earnings ratio of 10.23.

Petroleo Brasileiro SA (NYSE:PBR) last announced its earnings results on Tuesday, May 13th. The company reported $0.34 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.42 by $0.08. On average, analysts predict that Petroleo Brasileiro SA will post $1.99 earnings per share for the current fiscal year.

Petroleo Brasileiro SA (NYSE:PBR) is an integrated oil and gas company.

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