PETROLEO BRASIL/ADR (PBR) Holdings Trimmed by Principal Financial Group Inc.

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Principal Financial Group Inc. lessened its holdings in shares of PETROLEO BRASIL/ADR (NYSE:PBR) by 10.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 435,434 shares of the oil and gas exploration company’s stock after selling 48,419 shares during the quarter. Principal Financial Group Inc.’s holdings in PETROLEO BRASIL/ADR were worth $6,157,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PBR. Dorsey Wright & Associates purchased a new position in shares of PETROLEO BRASIL/ADR during the first quarter worth approximately $10,004,000. Atria Investments LLC purchased a new position in shares of PETROLEO BRASIL/ADR during the first quarter worth approximately $287,000. M&T Bank Corp grew its position in shares of PETROLEO BRASIL/ADR by 83.8% during the first quarter. M&T Bank Corp now owns 20,719 shares of the oil and gas exploration company’s stock worth $293,000 after acquiring an additional 9,448 shares during the last quarter. Wetherby Asset Management Inc. grew its position in shares of PETROLEO BRASIL/ADR by 22.3% during the first quarter. Wetherby Asset Management Inc. now owns 37,482 shares of the oil and gas exploration company’s stock worth $530,000 after acquiring an additional 6,823 shares during the last quarter. Finally, Bailard Inc. grew its position in shares of PETROLEO BRASIL/ADR by 2.0% during the first quarter. Bailard Inc. now owns 234,200 shares of the oil and gas exploration company’s stock worth $3,312,000 after acquiring an additional 4,600 shares during the last quarter. 7.18% of the stock is currently owned by hedge funds and other institutional investors.

PETROLEO BRASIL/ADR stock opened at $10.71 on Monday. PETROLEO BRASIL/ADR has a one year low of $8.57 and a one year high of $17.20. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.70 and a quick ratio of 1.28. The firm has a market capitalization of $75.27 billion, a price-to-earnings ratio of 15.30 and a beta of 2.42.

The firm also recently announced a special dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 15th will be issued a $0.027 dividend. The ex-dividend date is Tuesday, August 14th. This is an increase from PETROLEO BRASIL/ADR’s previous special dividend of $0.01. PETROLEO BRASIL/ADR’s dividend payout ratio (DPR) is 5.71%.

A number of brokerages have recently issued reports on PBR. Societe Generale raised their target price on shares of PETROLEO BRASIL/ADR from $11.00 to $13.50 and gave the stock a “hold” rating in a research report on Wednesday, August 8th. Zacks Investment Research upgraded shares of PETROLEO BRASIL/ADR from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Thursday, August 2nd. Barclays upgraded shares of PETROLEO BRASIL/ADR from an “underweight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a research report on Wednesday, July 11th. Raymond James upgraded shares of PETROLEO BRASIL/ADR from an “underperform” rating to a “market perform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Finally, UBS Group lowered shares of PETROLEO BRASIL/ADR from a “buy” rating to a “neutral” rating in a research report on Friday, June 8th. Thirteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $13.80.

About PETROLEO BRASIL/ADR

Petróleo Brasileiro SA – Petrobras operates in the oil, natural gas, and energy industries. The company's Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of surplus crude oil and oil products produced in the natural gas processing plants to the domestic and international markets.

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Institutional Ownership by Quarter for PETROLEO BRASIL/ADR (NYSE:PBR)

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