While this happened, JP Morgan upgraded its Petroleo Brasileiro S.A. Petrobras ADR [PBR] rating to an Overweight from a a Neutral in a research note published on September 25, 2024; the price target was increased to $19 from $16.50. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who increased its forecast for the stock in late August from “an Equal-weight” to “an Overweight”. BofA Securities also remained covering PBR and has increased its forecast on June 27, 2024 with a “Buy” recommendation from previously “Neutral” rating. Jefferies revised its rating on May 15, 2024. It rated PBR as “a Hold” which previously was an “a Buy”.
Price Performance Review of PBR
On Tuesday, Petroleo Brasileiro S.A. Petrobras ADR [NYSE:PBR] saw its stock fall -2.74% to $14.91. Over the last five days, the stock has gained 0.88%. Petroleo Brasileiro S.A. Petrobras ADR shares have fallen nearly -3.92% since the year began. Nevertheless, the stocks have risen 12.09% over the past one year. While a 52-week high of $17.40 was reached on 02/27/24, a 52-week low of $12.77 was recorded on 08/05/24. SMA at 50 days reached $14.70, while 200 days put it at $15.50.
Levels Of Support And Resistance For PBR Stock
The 24-hour chart illustrates a support level at 14.74, which if violated will result in even more drops to 14.57. On the upside, there is a resistance level at 15.09. A further resistance level may holdings at 15.27. The Relative Strength Index (RSI) on the 14-day chart is 51.96, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.35, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 41.75%. Stochastics %K at 83.63% indicates the stock is a selling.
How much short interest is there in Petroleo Brasileiro S.A. Petrobras ADR?
A steep rise in short interest was recorded in Petroleo Brasileiro S.A. Petrobras ADR stocks on 2024-09-13, growing by 15.51 million shares to a total of 34.45 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 18.94 million shares. There was a rise of 45.02%, which implies that there is a positive sentiment for the stock.
