|Bid||16.55 x 1100|
|Ask||16.59 x 47300|
|Day's Range||16.45 - 16.66|
|52 Week Range||9.47 - 17.90|
|Beta (3Y Monthly)||0.24|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.20 (1.22%)|
|1y Target Est||18.86|
Brazilian state-controlled oil company Petróleo Brasileiro SA said on Friday it had made a $700 million payment to oil services provider Vantage Drilling Company in a case involving a contract that it had terminated. Petrobras, as the oil company is known, said in a securities filing that it decided to make the payment following a decision by a U.S. court in Texas denying its request to cancel the result of an earlier arbitration in Holland opened by Vantage after Petrobras terminated a drilling contract in 2015. Petrobras argued at the time that the contract had been awarded to the U.S. company "by way of corruption," according to findings by Brazil's Operation Car Wash anti-corruption investigation.
Brazilian markets rallied on Friday as the increasing likelihood of interest rate cuts at home and abroad, together with rising oil prices and optimism over domestic economic reforms boosted investor sentiment and sent stocks to their highest on record. Local markets reopened after a national holiday the previous day, giving investors their first opportunity to react to the Brazilian and U.S. central banks' rate decisions and statements on Wednesday. While both kept official interest rates on hold, the overwhelming market consensus was that the signals pointed to policy being loosened in the coming months, perhaps dramatically.
Brazilian Justice Minister Sergio Moro said on Wednesday that a criminal organization was responsible for alleged leaks of his private messages as a federal judge, which raised questions about his ethics while overseeing a major corruption probe. Moro is facing calls for his resignation after text messages published by news website The Intercept allegedly showed he pushed prosecutors to turn public opinion against former president Luiz Inacio Lula da Silva, whom he convicted of bribery last year. In Senate committee testimony on Wednesday, Moro questioned the authenticity of the messages attributed to him and said some may have been doctored by those seeking to overturn convictions in the record-setting "Car Wash" corruption investigation.
C&J Energy Services (CJ) and Keane Group (FRAC) agreed to merge in an all-stock deal, while Phillips 66 (PSX) unveiled plans to form two pipeline project joint ventures for crude oil transportation.
California-based Chevron Corp. (NYSE: CVX) has added employees to its refinery in Pasadena since it bought the asset in May for about $350 million, and it will probably add more by the end of the year. The company maintained all of the domestic employees who worked at the refinery after Chevron bought it from Brazil’s state-owned Petróleo Brasileiro SA (NYSE: PBR), commonly called Petrobras. The support organization — people who worked on the refinery’s financials, the legal team and others — worked under the broader U.S. arm of Petrobras, which meant Chevron had to hire its own team of about 25 to handle that part of the refinery’s business, said Tim Sutherland, the refinery’s general manager.
Brazilian state-run oil firm Petroleo Brasileiro SA has made natural gas discoveries in six deep-water fields in the Sergipe Basin, it said in a regulatory filing on Monday. Newspaper O Estado de Sao Paulo reported on Sunday that the find was the largest since the sub-salt discoveries in 2006, and that Petrobras could extract up to 20 million cubic meters of natural gas per day, equivalent to one third of total Brazilian production. According to O Estado, the find could help deliver the "cheap energy shock" to Brazil promised by Economy Minister Paulo Guedes, his vision to reduce the cost of natural gas by up to 50% and "reindustrialize" the country.
Oil workers at state-run Petroleo Brasileiro SA have begun a 24-hour strike in eight Brazilian states as part of nationwide protests against a government proposal to reform pensions, umbrella union group FUP said on Friday. Workers at nine refineries, including Reduc in Rio de Janeiro state and Paulínia in São Paulo state, were participating in the strike, which also affected a Petrobras port terminal in Pernambuco and a fertilizer plant in Bahia, FUP said. On the Campos basin in Rio de Janeiro, workers were keeping operations to a minimum, it added.
Find out why Brazil and India, two of the largest and most important emerging market economies, appear to be headed in very different directions.
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged during the first quarter. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 40% and 25% respectively. Our research shows that most of the stocks that smart money likes historically generate strong risk-adjusted […]
Brazil's Petrobras found suspicious activity in its oil trading business - and failed to stop it - six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the state-run oil company turned up more than two dozen instances in which traders in Petrobras' Singapore office overpaid for fuel, the people said. Some employees in 2013 recommended halting transactions with one particular fuel brokerage that had consistently sold fuel to Petrobras at above-market prices, according to the people.
Brazilian state-run oil company Petroleo Brasileiro SA said on Wednesday that its management approved a revision in scheduling of price adjustments for diesel and gasoline in its refineries. In a securities filing, the company said price adjustments will be made according to market conditions locally and abroad, instead of being made at fixed intervals.
State-controlled oil company Petroleo Brasileiro SA expects Brazil's Supreme Court to give its blessing on Wednesday to proposed governance rules for the sale of exploration and production (E&P) rights, according to a source with knowledge on the matter. Petrobras considers a favorable judgment in this case, along with the court's ruling last week that state-run firms do not need congressional approval to sell off their subsidiaries, as the legal pillars of its divestment plan to reduce its high level of debt, one of the highest in the sector. Petrobras, as the company is known, says the plan will allow it to focus on offshore exploration and production in its pre-salt area, where billions of barrels of oil are trapped under a thick layer of salt offshore.
Petrobras has signed a commitment agreement with Brazil’s Administrative Council for Economic Defense consolidating an understanding between the parties on the operator’s previously announced plan to divest its Brazilian refining assets.
Read the beginning of this article here. Horseman Capital Management’s biggest position at the end of the first quarter of 2019 was Nutrien Ltd (NYSE:NTR). This newly established Canadian company, founded in 2017, produces agricultural and industrial crop nutrients, seeds and agricultural merchandise. The company’s market cap is $30.72 billion. As reported in the company’s […]
Marking a major victory for the Bolsonaro government and Petrobras (PBR), the court rules that state-held companies do not require congressional approval to jettison their subsidiaries.
Brazil's real climbed 0.3%, while the Chilean peso was steady ahead of a central bank rate meeting. Mexico's peso was marginally lower, as investors awaited signs of concrete progress from the U.S.-Mexico talks on Friday. Mexico has ramped up efforts to curb the flow of migrants into the United States via its border, but it is unclear if the efforts will be enough to persuade U.S. President Trump to do away with or postpone a 5 percent tariff set to take effect on Monday.