Technocrat Picked by Brazil for Petrobras' (PBR) CEO Role
The Brazilian state-owned oil giant, Petrobras PBR, was facing difficulties in leadership after CEO Joaquim Silva e Luna was ousted as a consequence of increasing political pressure to keep a check on fuel prices in Brazil and President Jair Bolsonaro’s picks for the CEO and the Chairman of Petrobras declined their nominations. Adriano Pires and Rodolfo Landim declined their nominations to become the CEO and the chairman, respectively.
However, the Brazilian government filled the gaps in top management by appointing a low-profile technocrat, Jose Mauro Coelho, as the next CEO and Marcio Andrade Weber as the next chairman of PBR.
Coelho, who has more than 25 years of professional experience in the oil sector, is currently serving as the chairman of Pré-Sal Petróleo, an entity that manages production sharing contracts in Brazil’s pre-salt areas. Previously, he also worked as the secretary of oil, natural gas and biofuels at the ministry of mines and energy and the director of oil, gas and biofuels studies at Empresa de Pesquisa Energética.
The chairman nominee, Marcio Andrade Weber, has been been working for the state-owned company for the last 16 years and has been actively involved in the development of the Campos Basin.
Both Coelho’s and Weber’s appointments are subject to shareholders’ consent at this week’s meeting.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Other similar-ranked stocks from the energy space that warrant a look include Oasis Petroleum OAS, PBF Energy PBF and Ranger Oil ROCC. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oasis Petroleum’s stock has gone up 143.2% in a year. Oasis Petroleum beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 37.6%.
The Zacks Consensus Estimate for OAS’ 2022 earnings is projected at $29.09 per share, up about 205.6% from the projected year-ago earnings of $9.52.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 82.5% over the past 60 days from $1.14 to $2.08 per share. PBF Energy’s stock has increased 85.8% in a year.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $2.08 per share, up about 183.2% from the projected year-ago loss of $2.50.
Ranger Oil’s stock has rallied 170.1% in a year. The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $10.42 per share, which is an increase of 90.1% from the projected year-ago earnings of $5.48.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 27.3%.
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Petroleo Brasileiro S.A. Petrobras (PBR) : Free Stock Analysis Report
PBF Energy Inc. (PBF) : Free Stock Analysis Report
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