PETROLEO BRASILEIRO SA PETRO PBR.A
SP ADR NON VTG · ADR · CUSIP 71654V101
Brazilian multinational oil and gas corporation
- SectorEnergy
- IndustryCrude Petroleum & Natural Gas
- HeadquartersRio de Janeiro, Brazil
- Founded1953
- Websitepetrobras.com.br
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($580.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.79. Options: 8 managers hold calls ($391.6m notional), 7 hold puts ($110.6m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 148 |
| Q4 2022 | 162 |
| Q1 2023 | 171 |
| Q2 2023 | 165 |
| Q3 2023 | 174 |
| Q4 2023 | 174 |
| Q1 2024 | 179 |
| Q2 2024 | 187 |
| Q3 2024 | 193 |
| Q4 2024 | 185 |
| Q1 2025 | 196 |
| Q2 2025 | 192 |
| Q3 2025 | 183 |
| Q4 2025 | 201 |
| Q1 2026 | 217 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 87 | 78 |
| Q3 2024 | 94 | 79 |
| Q4 2024 | 71 | 96 |
| Q1 2025 | 98 | 83 |
| Q2 2025 | 112 | 73 |
| Q3 2025 | 103 | 82 |
| Q4 2025 | 98 | 77 |
| Q1 2026 | 108 | 98 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $15.9m | $27.3m | 1.72 |
| Q3 2025 | $199.2m | $34.8m | 0.17 |
| Q4 2025 | $61.9m | $52.3m | 0.84 |
| Q1 2026 | $391.6m | $110.6m | 0.28 |
Biggest buyers
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +19.4m |
| SPX Gestao de Recursos Ltda | Added | +5.7m |
| JPMORGAN CHASE & CO | Added | +5.7m |
| BlackRock, Inc. | Added | +3.8m |
| Robeco Institutional Asset Management B.V. | Added | +3.8m |
| Absolute Gestao de Investimentos Ltda. | New | +3.1m |
| MARSHALL WACE, LLP | Added | +1.9m |
| CAUSEWAY CAPITAL MANAGEMENT LLC | New | +1.5m |
| Amundi | Added | +1.5m |
| Man Group plc | New | +1.4m |
Biggest sellers
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -5.2m |
| Ranmore Fund Management Ltd | Sold out | -4.0m |
| Itau Unibanco Holding S.A. | Reduced | -3.1m |
| Sagil Capital LLP | Sold out | -1.8m |
| BRANDES INVESTMENT PARTNERS, LP | Reduced | -1.3m |
| HSBC HOLDINGS PLC | Reduced | -1.2m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | Reduced | -1.0m |
| Y-Intercept (Hong Kong) Ltd | Reduced | -552.6k |
| CITADEL ADVISORS LLC | Sold out | -423.8k |
| MORGAN STANLEY | Reduced | -344.2k |
Biggest calls
| Optiver Holding B.V. | Added | $130.9m7.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $124.4m6.6m shares |
| Capital Markets Trading UK LLP | Reduced | $53.6m2.6m shares |
| GROUP ONE TRADING LLC | Added | $31.3m1.7m shares |
| CMT Capital Markets Trading GmbH | Added | $28.3m1.4m shares |
| JANE STREET GROUP, LLC | Added | $21.5m1.1m shares |
| CITADEL ADVISORS LLC | Added | $1.5m78.0k shares |
| MARSHALL WACE, LLP | New | $228.8k12.2k shares |
Biggest puts
| Capital Markets Trading UK LLP | Reduced | $47.1m2.3m shares |
| CMT Capital Markets Trading GmbH | Added | $27.8m1.3m shares |
| Optiver Holding B.V. | Added | $20.3m1.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $13.8m737.3k shares |
| JANE STREET GROUP, LLC | New | $1.0m54.4k shares |
| CITADEL ADVISORS LLC | Added | $562.5k30.0k shares |
| MARSHALL WACE, LLP | New | $67.5k3.6k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
BNDES Participacoes S.A.
13D · may seek influence
-0.9 pts · filed 2026-07-20
Stated purposeThis Amendment is being filed to report a decrease in the Preferred Shares beneficially owned by the Reporting Persons, as a result of a combination of open market sales made by the Reporting Persons. As a result of the foregoing, the Preferred Shares owned by the Reporting Persons decreased from 916,700,003 to 865,743,903 (corresponding to approximately 15.90% of the Issuer's outstanding Preferred Shares). The aggregate percentages of the class beneficially owned by the Reporting Persons is calculated based on 5,446,501,379 Preferred Shares of the Issuer outstanding as of March 31, 2026, as reported in Petrobras' 6-K. The Reporting Persons may, from time to time, take such actions regarding their investment in the Preferred Shares as they deem appropriate. These actions may include: (i)… Full filing |
15.9% |
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 0.05% of their portfolio | 36.2m $685.3m | Added +5.7m |
| Robeco Institutional Asset Management B.V. 0.83% of their portfolio | 31.0m $581.8m | Added +3.8m |
| BlackRock, Inc. 0.01% of their portfolio | 20.9m $392.5m | Added +3.8m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.20% of their portfolio | 19.4m $363.1m | New |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.06% of their portfolio | 9.3m $178.6m | Reduced -5.2m |
| Amundi 0.04% of their portfolio | 8.2m $153.1m | Added +1.5m |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 7.6m $143.3m | Added +547.6k |
| SPX Gestao de Recursos Ltda 10.74% of their portfolio | 6.9m $128.9m | Added +5.7m |
| Itau Unibanco Holding S.A. 2.75% of their portfolio | 6.1m $115.0m | Reduced -3.1m |
| AMERICAN CENTURY COMPANIES INC 0.05% of their portfolio | 5.3m $98.7m | Added +960.2k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.17% of their portfolio | 5.2m $97.2m | Reduced -1.0m |
| FMR LLC 0.00% of their portfolio | 5.0m $93.1m | Added +20.2k |
| STATE STREET CORP 0.00% of their portfolio | 5.0m $92.9m | Reduced -49.7k |
| Invesco Ltd. 0.01% of their portfolio | 4.6m $87.1m | Added +1.1m |
| RENAISSANCE TECHNOLOGIES LLC 0.14% of their portfolio | 4.6m $86.4m | Added +122.1k |
| BRANDES INVESTMENT PARTNERS, LP 0.56% of their portfolio | 4.2m $79.4m | Reduced -1.3m |
| Packer & Co Ltd 27.69% of their portfolio | 3.9m $74.0m | Unchanged |
| BAILLIE GIFFORD & CO 0.07% of their portfolio | 3.7m $70.2m | Reduced -22.2k |
| Absolute Gestao de Investimentos Ltda. 6.70% of their portfolio | 3.1m $58.6m | New |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 2.3m $44.0m | First filing |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio | 2.0m $38.6m | Added +214.1k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 2.0m $36.6m | Added +1.9m |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.9m $36.4m | Reduced -137.4k |
| State of New Jersey Common Pension Fund D 0.14% of their portfolio | 1.9m $35.3m | Added +876.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.8m $34.4m | Added +1.1m |
| BARCLAYS PLC 0.01% of their portfolio | 1.6m $30.9m | Added +557.6k |
| UBS Group AG 0.01% of their portfolio | 1.5m $28.2m | Added +533.3k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 0.34% of their portfolio | 1.5m $28.0m | New |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 1.4m $25.2m | Added +437.9k |
| Man Group plc 0.05% of their portfolio | 1.4m $25.8m | New |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 1.4m $25.7m | Reduced -1.2m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 1.3m $25.1m | Added +7.2k |
| MORGAN STANLEY 0.00% of their portfolio | 1.3m $23.5m | Reduced -344.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.05% of their portfolio | 1.2m $22.1m | New |
| Virtu Financial LLC 0.84% of their portfolio | 1.1m $20.3m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.0m $19.4m | Added +138.3k |
| Navi International - Administradora e Gestora de Recursos Financeiros Ltda. 7.15% of their portfolio | 848.1k $15.9m | Reduced -100.0k |
| Tidal Investments LLC 0.04% of their portfolio | 694.2k $13.1m | New |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.03% of their portfolio | 684.9k $12.8m | Reduced -80.6k |
| Lifetime Wealth Management P.C. 7.01% of their portfolio | 657.0k $12.3m | Reduced -11.8k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 623.7k $11.7m | New |
| Cape Ann Asset Management Ltd 2.53% of their portfolio | 594.8k $11.2m | Added +20.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 578.6k $10.8m | Added +207.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 564.7k $10.6m | Reduced -309.2k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 498.5k $9.3m | Reduced -202.9k |
| Caitong International Asset Management Co., Ltd 1.48% of their portfolio | 425.8k $8.0m | Added +425.6k |
| DEPRINCE RACE & ZOLLO INC 0.15% of their portfolio | 422.2k $7.9m | Added +222.0k |
| HRT FINANCIAL LP 0.03% of their portfolio | 402.3k $7.5m | New |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 372.6k $7.0m | Added +58.6k |
| BARINGS LLC 0.11% of their portfolio | 368.8k $6.9m | Reduced -59.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 358.6k $6.7m | Added +215.2k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 342.8k $6.4m | Added +189.6k |
| Aberdeen Group plc 0.01% of their portfolio | 329.7k $6.2m | Added +7.8k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 264.1k $5.0m | Reduced -156.9k |
| PINEBRIDGE INVESTMENTS LLC 0.04% of their portfolio | 253.7k $4.8m | Added +2.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 252.3k $4.7m | Reduced -49.6k |
| PZENA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 197.0k $3.7m | Added +72.1k |
| HANTZ FINANCIAL SERVICES, INC. 0.05% of their portfolio | 186.2k $3.5m | Reduced -48.3k |
| Farringdon Capital, Ltd. 0.75% of their portfolio | 181.8k $3.4m | New |
| Y-Intercept (Hong Kong) Ltd 0.06% of their portfolio | 177.2k $3.3m | Reduced -552.6k |
| NATIXIS 0.01% of their portfolio | 175.8k $3.3m | Reduced -165.2k |
| Stanley-Laman Group, Ltd. 0.45% of their portfolio | 174.8k $3.6m | New |
| Crossmark Global Holdings, Inc. 0.04% of their portfolio | 160.5k $3.0m | Reduced -6.1k |
| VPR Management LLC 1.16% of their portfolio | 154.3k $2.9m | Unchanged |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 150.5k $2.8m | Reduced -61.9k |
| LPL Financial LLC 0.00% of their portfolio | 149.7k $2.8m | Added +20.7k |
| Cederberg Capital Ltd 1.50% of their portfolio | 149.4k $2.8m | New |
| TWO SIGMA SECURITIES, LLC 0.32% of their portfolio | 148.7k $2.8m | Added +132.8k |
| PROFUND ADVISORS LLC 0.10% of their portfolio | 145.2k $2.7m | Added +35.4k |
| LARCH CAPITAL PARTNERS LLC 0.39% of their portfolio | 144.6k $2.7m | New |
| DV Trading LLC 0.24% of their portfolio | 143.8k $2.7m | Reduced -10.7k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 140.6k $2.6m | Reduced -322.2k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 139.0k $2.6m | First filing |
| LRT Capital Management, LLC 2.65% of their portfolio | 136.7k $2.8m | Reduced -90.4k |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 136.0k $2.6m | Added +5.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 126.3k $2.4m | Reduced -343.8k |
| Callan Family Office, LLC 0.05% of their portfolio | 120.4k $2.3m | Added +1.1k |
| Obermeyer Wealth Partners 0.10% of their portfolio | 117.5k $2.2m | Reduced -31 |
| WIT Partners Advisory Pte. Ltd. 0.62% of their portfolio | 112.3k $2.1m | Added +68.8k |
| Mutual Advisors, LLC 0.04% of their portfolio | 109.4k $2.1m | Added +11.9k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 108.7k $2.0m | Added +18.4k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 108.2k $2.0m | Reduced -6.7k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 106.4k $2.0m | First filing |
| Wellington Shields Capital Management, LLC 0.27% of their portfolio | 94.6k $1.8m | Reduced -5.4k |
| Oldfield Partners LLP 0.44% of their portfolio | 93.1k $1.7m | Added +2.6k |
| COMMONS CAPITAL, LLC 1.41% of their portfolio | 90.0k $1.7m | Reduced -30.0k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 87.2k $1.6m | Reduced -4.5k |
| NATIXIS ADVISORS, LLC 0.00% of their portfolio | 86.2k $1.6m | Added +31.4k |
| Qtron Investments LLC 0.21% of their portfolio | 84.2k $1.6m | Reduced -2.1k |
| Vident Advisory, LLC 0.01% of their portfolio | 78.3k $1.5m | New |
| Daiwa Securities Group Inc. 0.00% of their portfolio | 77.6k $1.5m | Reduced -9.0k |
| ABC ARBITRAGE SA 0.18% of their portfolio | 71.8k $1.3m | New |
| BROWN ADVISORY INC 0.00% of their portfolio | 69.8k $1.3m | New |
| LANARK FINANCIAL, INC. 0.10% of their portfolio | 68.6k $1.3m | Reduced -33.3k |
| NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC 0.02% of their portfolio | 68.4k $1.3m | Reduced -8.1k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 67.0k $1.3m | Added +8.7k |
| Corient Private Wealth LP 0.00% of their portfolio | 66.9k $1.3m | Reduced -75.2k |
| B. Metzler seel. Sohn & Co. AG 0.01% of their portfolio | 61.1k $1.1m | Reduced -4.1k |
| Gotham Asset Management, LLC 0.00% of their portfolio | 60.4k $1.1m | Added +10.2k |
| HighVista Strategies LLC 0.31% of their portfolio | 59.4k $1.1m | Added +4.2k |