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

> Source: Nexqual · https://nexqual.com/PBR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Petróleo Brasileiro S.A. - Petrobras (PBR), nexqual.com/PBR" · informational, not investment advice.

**Price:** USD 25.62 (-0.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.66 · day 25.09–25.99 · 52w 11.43–26.12 · market cap $165B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold PBR (13F, Q2 2026): 0 new, 0 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 2.00 on a 1–5 scale) (14 analysts), mean target USD 23.95 (range 17.4–31).
- Total return with dividends: 1Y +125.8% vs S&P 500 +14.9%; 5Y +704.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 1.28, revenue estimate $169B.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PBR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $485K | Reduced -3.9% |

## 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 2.00 on a 1–5 scale), 14 analysts; mean target USD 23.95 (low 17.4, high 31).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | UBS | Target raised | Buy | $22 → $23 |
| 2026-09-01 | JP Morgan | Target raised | Overweight | $23 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +125.8% | +704.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +126.4% | +51.6% |
| Volatility (annualized) | 34.9% | 39.1% |
| Max drawdown | -26.9% (Apr 2026→Jul 2026) | -34.1% (Oct 2022→Dec 2022) |

## Peers (Oil & Gas Integrated)
TTE (TotalEnergies SE) USD 90.96 +0.69% · BP (BP p.l.c.) USD 50.05 +0.40% · EQNR (Equinor ASA) USD 46.42 +0.65% · SU (Suncor Energy  Inc.) USD 77.41 -2.04% · SHEL (Shell PLC) USD 105.8 +0.42% · E (ENI S.p.A.) USD 59.53 +0.56%

## More
Full page: https://nexqual.com/PBR · 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'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) | $1.28 | $1.08 | +18.8% | $168.65B | 6 |
| Next quarter (ends 2026-12-31) | $1.32 | $0.95 | +39.7% | $176.43B | 6 |
| Current fiscal year (ends 2026-12-31) | $4.53 | $4.20 | +7.9% | $610.87B | 2 |
| Next fiscal year (ends 2027-12-31) | $4.14 | $4.11 | +0.6% | $581.18B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-10): ±12.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 93.3% | ±11.0% |
| 2026-11-06 | 14 | 67.2% | ±10.9% |
| 2026-11-13 | 21 | 64.4% | ±12.6% |
| 2026-11-20 | 28 | 57.7% | ±13.0% |
| 2026-11-27 | 35 | 60.3% | ±15.0% |
| 2026-12-18 | 56 | 47.7% | ±15.1% |
| 2027-01-15 | 84 | 43.8% | ±16.9% |
| 2027-02-19 | 119 | 41.4% | ±18.9% |