Petroleo Brasileiro SA – Petrobras (NYSE:PBR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Petrobras is the largest integrated energy firm in Brazil. The company boasts healthy production growth and has announced several important discoveries of late. Additionally, loans from China should offer some relief considering Petrobras’ huge debt burden and the money-laundering scandal, which has scarred its credit metrics. Moreover, we appreciate the cost-control initiatives adopted by Petrobras. However, much is yet to be achieved considering the firm’s scale of operations and investment base. Predictably, the crude price slump has adversely affected the group’s earnings and cash flows, particularly at its upstream unit. On top of that, high debt levels and a decline in the number of available creditors have put pressure on the company’s financials. Considering all the factors, we think that the current valuation is fair and adequately reflects Petrobras' growth prospects.”

Several other research analysts also recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and issued a $13.00 target price (up from $10.00) on shares of Petroleo Brasileiro SA – Petrobras in a research report on Thursday, October 6th. Citigroup Inc. raised shares of Petroleo Brasileiro SA – Petrobras from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $7.80 to $12.00 in a research report on Wednesday, October 5th. HSBC raised shares of Petroleo Brasileiro SA – Petrobras from a “hold” rating to a “buy” rating in a research report on Thursday, September 8th. Barclays PLC reaffirmed an “underweight” rating and set a $9.00 price objective on shares of Petroleo Brasileiro SA – Petrobras in a research report on Thursday, September 22nd. Finally, Tudor Pickering downgraded shares of Petroleo Brasileiro SA – Petrobras from a “buy” rating to a “hold” rating in a research report on Tuesday, September 13th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Petroleo Brasileiro SA – Petrobras presently has a consensus rating of “Hold” and an average price target of $9.05.

Analyst Recommendations for Petroleo Brasileiro SA - Petrobras (NYSE:PBR)

Shares of Petroleo Brasileiro SA – Petrobras (NYSE:PBR) opened at 10.87 on Tuesday. Petroleo Brasileiro SA – Petrobras has a 12-month low of $2.71 and a 12-month high of $12.56. The company’s 50-day moving average is $10.93 and its 200-day moving average is $8.83. The firm’s market capitalization is $70.90 billion.

TRADEMARK VIOLATION WARNING: This story was posted by Financial Market News and is the propert of of Financial Market News. If you are accessing this story on another site, it was stolen and reposted in violation of US and international copyright & trademark legislation. The original version of this story can be viewed at http://www.financial-market-news.com/zacks-investment-research-upgrades-petroleo-brasileiro-sa-petrobras-pbr-to-hold/1212021/.

Several hedge funds have recently modified their holdings of the company. Capital International Investors boosted its stake in shares of Petroleo Brasileiro SA – Petrobras by 0.4% in the third quarter. Capital International Investors now owns 10,088,630 shares of the oil and gas exploration company’s stock worth $94,127,000 after buying an additional 40,869 shares during the last quarter. Horseman Capital Management Ltd boosted its stake in shares of Petroleo Brasileiro SA – Petrobras by 28.6% in the third quarter. Horseman Capital Management Ltd now owns 9,775,300 shares of the oil and gas exploration company’s stock worth $91,204,000 after buying an additional 2,175,300 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Petroleo Brasileiro SA – Petrobras during the second quarter worth $57,271,000. Axiom International Investors LLC DE boosted its stake in shares of Petroleo Brasileiro SA – Petrobras by 152.6% in the second quarter. Axiom International Investors LLC DE now owns 7,025,000 shares of the oil and gas exploration company’s stock worth $50,299,000 after buying an additional 4,243,900 shares during the last quarter. Finally, Numeric Investors LLC purchased a new stake in shares of Petroleo Brasileiro SA – Petrobras during the second quarter worth $19,363,000. Institutional investors and hedge funds own 6.09% of the company’s stock.

About Petroleo Brasileiro SA – Petrobras

Petroleo Brasileiro SA-Petrobras is an energy company. The Company is engaged in prospecting, drilling, refining, processing, trading and transporting crude oil from producing onshore and offshore oil fields and from shale or other rocks, as well as oil products, natural gas and other liquid hydrocarbons.

5 Day Chart for NYSE:PBR

Get a free copy of the Zacks research report on Petroleo Brasileiro SA – Petrobras (PBR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Petroleo Brasileiro SA - Petrobras Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Petroleo Brasileiro SA - Petrobras and related companies with MarketBeat.com's FREE daily email newsletter.