Analyst Consensus ?
ConsensusHold21 ratings
Bullish1047.6%
Neutral838.1%
Bearish314.3%
Petróleo Brasileiro S.A. - Petrobras · PBR · FY2025 Q2 · Calendar Q3 2025
Petrobras: production ramp offsets lower oil prices
The latest analysis supports a resilient operating picture for Petrobras: production growth and project execution are helping offset lower oil prices. The thesis depends on sustaining the ramp-up while controlling CapEx, debt, shutdown impacts, and regulatory execution.
Reported Before market openNYSEEnergy
$135.20B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0.70
EPS surprise
-8.6%
Reported versus consensus
Reported revenue
$21.04B
Consensus $21.29B
Revenue surprise
-1.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
-8.1%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+1.0%
Up to 20 sessions
PBRSPY benchmark
Ask FN2 about PBR FY2025 Q2
Transcript, numbers and history already loaded
Why did PBR fall 7.3% after missing EPS estimates in FY2025 Q2?What changed in PBR's guidance and outlook in FY2025 Q2?Give me the bull and bear case for PBR after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current-quarter analysis adds a stronger production ramp, including 2.47m barrels per day, continued progress on the $18.5bn CapEx plan, and a greater focus on gas/LNG sales. Compared with the prior quarter, platform startups and well-linkage improvements remain central, while scheduled shutdowns and debt constraints are more explicit risks.
Guidance delta
Maintained: management kept the 2025 CapEx plan at $18.5bn.
Key takeaways
- Production reached 2.47m barrels per day, above guidance.
- The $18.5bn 2025 CapEx plan remains on schedule.
- Higher output and new platform startups helped offset lower Brent prices.
- Management highlighted cost reduction, project optimization, and gas/LNG sales expansion.
Management priorities
- Commission the P-78 pre-salt platform and continue drilling in Tupi and Itaboraí.
- Expand the Rota 3 gas pipeline and Boaventura processing unit.
- Develop direct LNG sales and evaluate export opportunities.
- Continue renewable-fuel and electricity-generation investments.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$21.65Current
$11Low
$17.94Average
$24High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 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 current price $21.65. 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 | +6.2% | Sep 23, 2026 |
| Bradesco | Analyst unavailable | $20 | $18.25 | -7.6% | Aug 27, 2026 |
| Banco Santander | Analyst unavailable | $24 | $19.83 | +10.9% | May 21, 2026 |
| Bradesco | Vicente Neto | $19 | $20.54 | -12.2% | Apr 16, 2026 |
| UBS | Tasso Vasconcellos | $22 | $20.33 | +1.6% | Mar 26, 2026 |
| Bradesco | Analyst unavailable | $17 | $15.11 | -21.5% | Feb 3, 2026 |
| BTG Pactual | Gustavo Cunha | $15 | $12.61 | -30.7% | Jan 16, 2026 |
| UBS | Analyst unavailable | $14.6 | $12.69 | -32.6% | Jan 14, 2026 |
| UBS | Analyst unavailable | $14.4 | $12.33 | -33.5% | Aug 22, 2025 |
| Jefferies | Alejandro Anibal | $15.3 | $12.05 | -29.3% | May 15, 2025 |
| HSBC | Analyst unavailable | $15 | $12.96 | -30.7% | Mar 5, 2025 |
| CFRA | Stewart Glickman | $13 | $13.62 | -40.0% | Nov 11, 2024 |
| Morgan Stanley | Bruno Montanari | $20 | $14.4 | -7.6% | Aug 25, 2024 |
| CFRA | Stewart Glickman | $14 | $15.56 | -35.3% | May 15, 2024 |
| Jefferies | Alejandro Anibal Demichelis | $17.7 | $16.69 | -18.2% | May 15, 2024 |
| HSBC | Liyanna Yang | $18 | $14.95 | -16.9% | Mar 25, 2024 |
| Goldman Sachs | Bruno Amorim | $18.1 | $14.87 | -16.4% | Jun 21, 2023 |
| Banco Santander | Christian Audi | $11 | $8.23 | -49.2% | May 14, 2021 |
Track every rating change on PBR the moment it posts. Free to start.
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 earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the PBR recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-02T23:16:04.349517+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T23:16:04.346635+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 2026-10-02. For educational purposes only; not investment advice.