Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $8.75 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.18% from the stock’s previous close.

According to Zacks, “Even though 2016 was a roller-coaster year for the energy market, Petrobras stock more than doubled during the period. The largest integrated energy firm in Brazil, Petrobras boasts of a healthy production growth and has announced several important discoveries of late. Additionally, loans from China should offer some relief considering Petrobras’ money-laundering scandal, which has scarred its credit metrics. Moreover, we appreciate the cost-control initiatives adopted by Petrobras. As it is, the company stands to benefit from Brazil’s economic growth and huge pre-salt oil reserves. Given its strong pipeline of development projects and impressive exploration successes, we recalibrate our investment thesis on Petrobras ADRs to 'Buy'..”

Several other research firms have also commented on PBR. Credit Suisse Group reaffirmed a “buy” rating and set a $12.00 price target on shares of Petroleo Brasileiro S.A.- Petrobras in a research report on Monday, May 15th. HSBC Holdings plc raised Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research report on Tuesday, March 28th. Societe Generale raised Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research report on Friday, March 24th. ValuEngine raised Petroleo Brasileiro S.A.- Petrobras from a “hold” rating to a “buy” rating in a research report on Saturday, May 27th. Finally, BidaskClub raised Petroleo Brasileiro S.A.- Petrobras from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $10.88.

Petroleo Brasileiro S.A.- Petrobras (PBR) traded up 3.33% during trading on Tuesday, hitting $8.06. 17,114,475 shares of the stock traded hands. The company’s market cap is $52.57 billion. Petroleo Brasileiro S.A.- Petrobras has a 12 month low of $7.34 and a 12 month high of $12.56. The company’s 50 day moving average price is $8.61 and its 200 day moving average price is $9.67.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EFG Asset Management Americas Corp. bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $100,000. Greenleaf Trust bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $101,000. Eqis Capital Management Inc. raised its position in Petroleo Brasileiro S.A.- Petrobras by 18.6% in the second quarter. Eqis Capital Management Inc. now owns 15,354 shares of the oil and gas exploration company’s stock worth $110,000 after buying an additional 2,410 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in Petroleo Brasileiro S.A.- Petrobras during the first quarter worth about $110,000. Finally, Jacobi Capital Management LLC raised its position in Petroleo Brasileiro S.A.- Petrobras by 585.5% in the first quarter. Jacobi Capital Management LLC now owns 11,585 shares of the oil and gas exploration company’s stock worth $113,000 after buying an additional 9,895 shares during the last quarter. 6.18% of the stock is currently owned by institutional investors and hedge funds.

Petroleo Brasileiro S.A.- Petrobras Company Profile

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