Investment Plan Reduction: Petrobras has reduced its five-year investment plan for 2025-2029 by approximately 2%, lowering capital expenditures from $111 billion to $109 billion to safeguard cash flow amid declining oil prices.
Focus on Financial Stability: The company aims to maintain financial stability without increasing debt or changing its dividend policy, emphasizing capital discipline and operational efficiency in its revised budget.
Project Funding: Of the total investment, $91 billion is allocated to ongoing projects, while $10 billion is pending budget confirmation based on financing analysis.
Response to Market Conditions: This adjustment marks the first change in Petrobras' multi-year plan since President Luiz Inacio Lula da Silva took office in 2023, reflecting the need to balance economic development with the challenges posed by the global oil market.
Wall Street analysts forecast PBR.A stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PBR.A is 15.15 USD with a low forecast of 13.30 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
Wall Street analysts forecast PBR.A stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PBR.A is 15.15 USD with a low forecast of 13.30 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 12.700
Low
13.30
Averages
15.15
High
17.00
Current: 12.700
Low
13.30
Averages
15.15
High
17.00
BTG Pactual
Gustavo Cunha
Buy -> Neutral
downgrade
$15
2026-01-16
Reason
BTG Pactual
Gustavo Cunha
Price Target
$15
AI Analysis
2026-01-16
downgrade
Buy -> Neutral
Reason
BTG Pactual analyst Gustavo Cunha downgraded Petrobras to Neutral from Buy with a $15 price target.
JPMorgan
NULL -> Overweight
maintain
$16 -> $17
2025-09-24
Reason
JPMorgan
Price Target
$16 -> $17
2025-09-24
maintain
NULL -> Overweight
Reason
JPMorgan raised the firm's price target on Petrobras to $17 from $16 and keeps an Overweight rating on the shares. The firm says data from Sapinhoa and Tupi show stable production until recovery hit 10%, after which the water cut only rises gradually. It incorporated the updated assumptions in Petrobras' model.
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JPMorgan
Overweight
maintain
$16
2025-09-24
Reason
JPMorgan
Price Target
$16
2025-09-24
maintain
Overweight
Reason
JPMorgan raised the firm's price target on Petrobras to $16.50 from $16 and keeps an Overweight rating on the shares. The firm says data from Sapinhoa and Tupi show stable production until recovery hit 10%, after which the water cut only rises gradually. It incorporated the updated assumptions in Petrobras' model.
UBS
Buy
downgrade
2025-08-22
Reason
UBS
Price Target
2025-08-22
downgrade
Buy
Reason
UBS lowered the firm's price target on Petrobras to $14.40 from $15.80 and keeps a Buy rating on the shares.
About PBR.A
Petroleo Brasileiro SA Petrobras is a Brazil-based company. The Company specializes in the oil, natural gas and energy industry. The Company is engaged in prospecting, drilling, refining, processing, trading and transporting crude oil from producing onshore and offshore oil fields and from shale or other rocks. Its segments include Exploration and Production (exploration, development, and production of crude oil, natural gas liquids, and natural gas); Refining, Transportation, and Marketing (refining, logistics, transport, trading of oil products, ethanol export, shale processing); Gas and Power (transportation and trading of natural and imported gas); Biofuels (production of biodiesel and ethanol); Distribution (fuel distribution); and Corporate (administrative and support functions).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
