Analyst Consensus ?
ConsensusHold21 ratings
Bullish1047.6%
Neutral838.1%
Bearish314.3%
Petróleo Brasileiro S.A. - Petrobras · PBR · FY2024 Q1 · Calendar Q2 2024
Petrobras pairs strong cash generation with capex and M&A questions
The supplied analysis supports a constructive but conditional view: strong cash generation, lower debt, planned production additions, and resilient downstream operations provide support, while capex execution, licensing, energy-transition returns, and potential M&A remain important tests.
Reported After market closeNYSEEnergy
$168.58B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.75
Consensus $0.79
EPS surprise
-5.1%
Reported versus consensus
Reported revenue
$23.77B
Consensus $26.30B
Revenue surprise
-9.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.1%
Event window
SPY move
+0.5%
Same window
Abnormal move
-2.5%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
-15.1%
Up to 20 sessions
PBRSPY benchmark
Ask FN2 about PBR FY2024 Q1
Transcript, numbers and history already loaded
Why did PBR fall 2.1% after missing EPS estimates in FY2024 Q1?What changed in PBR's guidance and outlook in FY2024 Q1?Give me the bull and bear case for PBR after FY2024 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current analysis emphasizes the planned Q1 production dip, upcoming FPSO and downstream commissioning, new low-carbon products, active Braskem and RLAM review, and a larger renewable-project pipeline. The analysis continues to describe guidance sentiment as maintained while highlighting licensing and acquisition risks.
Guidance delta
Maintained in the supplied transcript analysis; no guidance change was identified.
Key takeaways
- Management characterized the Q1 production dip as planned, while new FPSO capacity is expected to support later production.
- Refinery utilization reached 92%, and the supplied analysis highlights strong cash generation, dividends, and buybacks.
- Financial debt was reported at $27.7 billion, while Braskem and RLAM remain under review.
- Energy-transition activity is expanding across renewable diesel, bio-refineries, and renewable-power projects, but licensing remains a risk.
Management priorities
- Bring planned FPSO projects online and execute downstream projects.
- Expand renewable diesel, bio-refinery, sustainable-fuel, and renewable-power initiatives.
- Evaluate Braskem and RLAM opportunities while managing leverage and shareholder distributions.
- Continue buybacks and the stated dividend policy supported by cash generation.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$26.16Previous close
$11Low
$17.94Average
$24High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Sep 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 1, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Apr 17, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 11, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Aug 26, 2024 |
| HSBC | Buy | Hold | Upgrade | Mar 25, 2024 |
| Bradesco Corretora | Outperform | Neutral | Upgrade | Sep 8, 2023 |
| Citigroup | Neutral | Buy | Downgrade | Aug 10, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Oct 17, 2022 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Aug 5, 2021 |
| Raymond James | Underperform | Market Perform | Downgrade | May 18, 2020 |
| Barclays | Underweight | Overweight | Downgrade | Jan 10, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Oct 8, 2018 |
| Societe Generale | Hold | Buy | Downgrade | Jun 4, 2018 |
| Tudor Pickering | Hold | Buy | Downgrade | Nov 17, 2016 |
| Macquarie | Neutral | Underperform | Upgrade | Sep 15, 2016 |
| Deutsche Bank | Sell | Hold | Downgrade | Mar 24, 2016 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Nov 10, 2014 |
| Wells Fargo | Outperform | Market Perform | Upgrade | Jun 17, 2013 |
| BTG Pactual | Neutral | Buy | Downgrade | Feb 26, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $26.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $23 | $20.76 | -12.1% | Sep 23, 2026 |
| Bradesco | Analyst unavailable | $20 | $18.25 | -23.5% | Aug 27, 2026 |
| Banco Santander | Analyst unavailable | $24 | $19.83 | -8.3% | May 21, 2026 |
| Bradesco | Vicente Neto | $19 | $20.54 | -27.4% | Apr 16, 2026 |
| UBS | Tasso Vasconcellos | $22 | $20.33 | -15.9% | Mar 26, 2026 |
| Bradesco | Analyst unavailable | $17 | $15.11 | -35.0% | Feb 3, 2026 |
| BTG Pactual | Gustavo Cunha | $15 | $12.61 | -42.7% | Jan 16, 2026 |
| UBS | Analyst unavailable | $14.6 | $12.69 | -44.2% | Jan 14, 2026 |
| UBS | Analyst unavailable | $14.4 | $12.33 | -45.0% | Aug 22, 2025 |
| Jefferies | Alejandro Anibal | $15.3 | $12.05 | -41.5% | May 15, 2025 |
| HSBC | Analyst unavailable | $15 | $12.96 | -42.7% | Mar 5, 2025 |
| CFRA | Stewart Glickman | $13 | $13.62 | -50.3% | Nov 11, 2024 |
| Morgan Stanley | Bruno Montanari | $20 | $14.4 | -23.5% | Aug 25, 2024 |
| CFRA | Stewart Glickman | $14 | $15.56 | -46.5% | May 15, 2024 |
| Jefferies | Alejandro Anibal Demichelis | $17.7 | $16.69 | -32.3% | May 15, 2024 |
| HSBC | Liyanna Yang | $18 | $14.95 | -31.2% | Mar 25, 2024 |
| Goldman Sachs | Bruno Amorim | $18.1 | $14.87 | -30.8% | Jun 21, 2023 |
| Banco Santander | Christian Audi | $11 | $8.23 | -58.0% | May 14, 2021 |
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Start freeCompany context
Snapshot as of publicationBrazilian energy giant Petróleo Brasileiro S.A. (Petrobras) is deeply involved in the global oil and gas industry, conducting exploration, production, and sales activities both within Brazil and internationally. The company's diverse operations are organized into four primary business segments: Exploration and Production; Refining, Transportation, and Marketing; Gas and Power; and Corporate and Other Businesses. Overall, Petrobras’s activities span the entire hydrocarbon value chain. This includes the search for and extraction of crude oil from various sources—onshore, offshore, and unconventional formations like shale—along with its subsequent refining, processing, trading, and distribution. The company also manages natural gas, other liquid hydrocarbons, and refined petroleum products. Specifically, the Exploration and Production division focuses on discovering, developing, and extracting crude oil, natural gas liquids, and natural gas, primarily to supply the company's domestic refineries.…
Historical context
All PBR earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SLB Slb N.V. | FY2026 Q3 · Calendar Q4 2026 | +3.7% | +7.1% | SLB Q3 2026: Growth Broadens Beyond Core Oilfield |
| E Eni S.p.A. | FY2026 Q3 · Calendar Q4 2026 | +13.9% | +4.3% | Eni pairs upstream growth with record shareholder returns and transition progress |
| VLO Valero Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +12.9% | -2.4% | Valero Q3: Record Profitability, Strong Cash Generation and Execution Risks |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the PBR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-26T06:10:44.749487+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T06:10:44.746686+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.