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Feb. 6, 2020, 12:01 p.m. EST

Petrobras' stock jumps on heavy volume after shareholder raises $5.2 billion from share offering

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By Tomi Kilgore

The U.S.-listed shares of Petroleo Brasileiro S.A. /zigman2/quotes/200745132/composite PBR +2.81% , known as Petrobras, surged 2.6% on heavy volume in midday trading Thursday, after the Rio de Janeiro-based oil and gas company priced a large share offering by a selling shareholder at a slight discount. Trading volume was 64.8 million, enough to make the stock the most actively traded on major U.S. exchanges, and more than four times the full-day average of 15.9 million shares. The company disclosed in a regulatory filing that Banco Nacional de Desenvolvimento Econômico e Social (BNDES), sold 734.20 million common Petrobras shares, including 168.14 million shares in the form of American Depositary Shares (ADS), to raise about $5.2 billion. Petrobras's market capitalization is $96.8 billion. The ADS priced at $14.1646 a share, or 1.8% below Wednesday's closing price of $14.43. The stock has shed 7.2% over the past three months, while the iShares MSCI Brazil ETF /zigman2/quotes/208893627/composite EWZ +1.74% has gained 0.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has tacked on 8.6%.

/zigman2/quotes/200745132/composite
US : U.S.: NYSE
$ 11.69
+0.32 +2.81%
Volume: 23.22M
June 21, 2021 4:00p
P/E Ratio
7.25
Dividend Yield
3.23%
Market Cap
$73.99 billion
Rev. per Employee
$1.08M
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/zigman2/quotes/208893627/composite
US : U.S.: NYSE Arca
$ 40.83
+0.70 +1.74%
Volume: 18.52M
June 21, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,224.79
+58.34 +1.40%
Volume: 2.04B
June 21, 2021 5:12p
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