# Petróleo Brasileiro S.A. - Petrobras (PBR-A)

> Source: Nexqual · https://nexqual.com/PBR-A · data as of 2026-10-23 13:32 UTC · cite as "Nexqual, Petróleo Brasileiro S.A. - Petrobras (PBR-A), nexqual.com/PBR-A" · informational, not investment advice.

**Price:** USD 23.27 (+1.48% today) · US market open, as of October 23, 2026 at 13:32 UTC; quotes may be delayed. Prev close 22.93 · day 23.2–23.29 · 52w 10.89–23.4 · market cap $159B · NYQ

## Key facts
- 2 of 80 tracked superinvestors hold PBR-A (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $3K; 2 not under a Rule 10b5-1 plan ($3K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.70 on a 1–5 scale) (10 analysts), mean target USD 23.86 (range 21–28).
- Total return with dividends: 1Y +117.6% vs S&P 500 +14.9%; 5Y +707.2% vs S&P 500 +80.3%.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PBR-A. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 0.49% | $45.3M | Added +107.0% |
| Richard Pzena | Pzena Investment Management | <0.01% | $778K | Reduced -73.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Pogliese Marcelo Weick | Director | 271 | $3K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-01 | Laureano Angelica Garcia Cobas | Chief Commercial Officer | 19 | $0K | 0.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.70 on a 1–5 scale), 10 analysts; mean target USD 23.86 (low 21, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | UBS | Target raised | Buy | $22 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +117.6% | +707.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +117.7% | +51.9% |
| Volatility (annualized) | 33.5% | 38.2% |
| Max drawdown | -26.6% (May 2026→Jul 2026) | -35.3% (Oct 2022→Dec 2022) |

## Peers (Oil & Gas Integrated)
BP (BP p.l.c.) USD 50.78 +1.46% · TTE (TotalEnergies SE) USD 91.97 +1.11% · EQNR (Equinor ASA) USD 47.84 +3.06% · SU (Suncor Energy  Inc.) USD 78.24 +1.07% · E (ENI S.p.A.) USD 61.35 +3.06% · SHEL (Shell PLC) USD 107.3 +1.41%

## More
Full page: https://nexqual.com/PBR-A · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PBR-A's own 20-F filed 2026-04-09 (https://www.sec.gov/Archives/edgar/data/1119639/000129281426002168/pbrform20f_2025.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Gas | "we started building the GASBOL in 1996, we entered into a Long-term Gas Supply Agreement ("GSA") with the Bolivian state-owned" |
| Partner | BRASKEM SA (BAK) | "been evaluating the signing of a new Braskem shareholders' agreement with the parties involved, considering ongoing negotiations." |
| Partner | Braspetro | "Braspetro B.V. (PIBBV), Petrobras Global Finance B.V (PGF), our former joint venture Petrobras Oil & Gas B.V. (the "POGBV")" |
| Partner | Petrobras Global Finance | "Braspetro B.V. (PIBBV), Petrobras Global Finance B.V (PGF), our former joint venture Petrobras Oil & Gas B.V. (the "POGBV")" |
| Partner | Petrobras Oil & Gas | "Braspetro B.V. (PIBBV), Petrobras Global Finance B.V (PGF), our former joint venture Petrobras Oil & Gas B.V. (the "POGBV")" |
| Partner | Brazilian | "3,102 million) from partners and paid US$ 119 (R$ 624 million) to the Brazilian Federal Government represented by Pré-Sal Petróleo" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.31 | $1.12 | +16.9% | $168.65B | 4 |
| Next quarter (ends 2026-12-31) | $1.38 | $0.97 | +41.6% | $176.43B | 4 |
| Current fiscal year (ends 2026-12-31) | $5.23 | $0.00 | — | $610.87B | 1 |
| Next fiscal year (ends 2027-12-31) | $4.02 | $0.00 | — | $581.18B | 1 |