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June 26, 2019, 2:16 p.m. EDT

Petrobras stock falls on heavy volume after public stock offering

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By Tomi Kilgore

The U.S.-listed shares of Brazil-based Petroleo Brasileiro S.A. /zigman2/quotes/200745132/composite PBR 0.00% , also known as Petrobras, fell 0.5% on NYSE-leading volume in afternoon trading Wednesday, to buck a broad rally in the energy sector, after the oil and gas exploration company priced a secondary share offering at a discount. Trading volume was 48.1 million shares, compared with the full-day average of about 13.5 million shares. Petrobras disclosed Wednesday that its public offering of 69.3 million American Depositary Shares (ADS) priced at $15.84 each, or 0.9% below Tuesday's closing price of $15.98. The offering was valued at $1.10 billion, which represented about 1.1% of the company's market capitalization. The stock lost 3.0% over the past three months, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -0.96% has slipped 4.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.03% has gained 3.6%.

/zigman2/quotes/200745132/composite
US : U.S.: NYSE
$ 8.93
0.00 0.00%
Volume: 8.84M
Aug. 6, 2020 12:45p
P/E Ratio
N/A
Dividend Yield
2.69%
Market Cap
$58.12 billion
Rev. per Employee
$1.39M
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 37.07
-0.36 -0.96%
Volume: 10.40M
Aug. 6, 2020 12:45p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,328.87
+1.10 +0.03%
Volume: 1.19B
Aug. 6, 2020 12:45p
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