The stock of Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) is now priced at $8.17 and the shares are -0.33 points down or -3.88% lower compared to its previous closing price of $8.5. The stock had 15.992 million contracts set over the past session. PBR shares’ daily volume is compared to its average trading volume at 21.294 million shares. However, it has a float of 4190 million and although its performance was -3.31% over the week, it’s one to watch. Analysts have given the PBR stock a yearly average price target of $13.74 per share. It means the stock’s upside potential is 68.18% with the PBR share price recently placing at $8.15 to $8.39. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Petroleo Brasileiro S.A. – Petrobras stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PBR shares have declined. Short interest in the stock represents just 0.72% of its float, but the volume has dropped by 0.
In the last trading session, Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) dropped by -$0.28 over the week and lost -$0.22 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.84. The stock recorded its established 52-week high on 11/01/19.
Since 03/18/20, the stock has traded to a low of $4.01 at 103.74%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.88. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Petroleo Brasileiro S.A. – Petrobras’s two-week RSI is 43.04. This suggests that the stock is neutral at the moment and that PBR shares’ price movement remains stable. The stochastic readings are equally revealing at 22.38% meaning the PBR share price is currently in overbought territory.
The technical chart shows that the PBR stock will likely settle at between $8.32 and $8.48 per share. However, if the stock dips below $8.08, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.
Currently, the stock is trading in the red of MACD, with a reading of -0.06. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James cut their recommendation for PBR from Mkt Perform to Underperform in May 18 review. BofA/Merrill analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on May 14. Goldman analysts see the stock as Buy when the analysts initiated the share price coverage on July 11.
The average rating for the PBR equity is 2.15 and is currently gathering a bullish momentum. Of 12 analysts tracking Petroleo Brasileiro S.A. – Petrobras polled by Reuters, 1 rated PBR as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PBR stock price is 13.48X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) will decrease by about -73.18%, which will see them reach $13700 million. The company’s full-year revenues are, however, expected to diminish by about -29.47%, down from $76600 million to $54000 million. PBR’s expected adjusted earnings should drop almost -113.16% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -151.28% to record -$0.8/share.