Stock Update (NYSE:PBR): Petroleo Brasileiro Petrobras SA (ADR) Announces Funding Agreement of USD 5 Billion with China Development Bank Corporation
Petróleo Brasileiro SA – Petrobras (NYSE:PBR) informs that it has signed yesterday with China Development Bank Corporation- CDB a cooperation agreement for the years 2015 and 2016. This agreement includes funding of $ 3.5 billion, already disbursed, reported by Petrobras to the market on 1 April 2015. In addition, $ 1.5 billion will be disbursed totaling $ 5 billion in financing in 2015. The agreement was signed by Petrobras President, Aldemir Bendine, and the CDB President, Hu Huainbang, during a ceremony held in Brasilia. This agreement continues the strategic partnership between the CDB and Petrobras, strengthening cooperation between the economies of both countries. (Original Source)
Shares of Petroleo Brasileiro opened today at $9.07 and are currently trading down at $9.0201. PBR has a 1-year high of $20.94 and a 1-year low of $4.90. The stock’s 50-day moving average is $8.78 and its 200-day moving average is $7.77.
On the ratings front, Petroleo Brasileiro has been the subject of a number of recent research reports. In a report issued on April 26, Morgan Stanley analyst Bruno Montanari downgraded PBR to Sell, with a price target of $8.50, which represents a potential downside of 6.3% from where the stock is currently trading. Separately, on April 24, Cowen’s Asit Sen maintained a Hold rating on the stock and has a price target of $11.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bruno Montanari and Asit Sen have a total average return of 5.2% and -9.8% respectively. Montanari has a success rate of 71.4% and is ranked #2004 out of 3606 analysts, while Sen has a success rate of 0.0% and is ranked #3188.
Petroleo Brasileiro SA Petrobras operates as an integrated oil & gas company in Brazil. Its business is structured into segments such as Exploration & Production; Refining, Transportation & Marketing; Distribution; Gas & Power; Biofuel; & International.