Investing.com – Oil firm Petrobras (BVMF 🙂 launched its outcomes Thursday the eleventh, with buyers within the funding plan and dividend coverage updates, which have been criticized by the federal government, the most important shareholder and the corporate’s watchdog. The outcomes convention of the state firm is scheduled for Might 12, Friday, at 10:30 am (Brasilia time). This Wednesday, the tenth, most well-liked inventory Petrobras closed the buying and selling session down by 0.24%, at R$24.53.
In its manufacturing and gross sales report for the January-March interval, launched Might 3, Petrobras reported that it had common oil, pure gasoline liquids and pure gasoline manufacturing of two.68 million barrels of oil, up 1.1% from the full recorded within the fourth quarter. The rise occurred as a result of onset of P-71 intensification, within the Itapu subject, within the pre-salt Santos Basin, the entry of 8 new wells within the Campos Basin and effectivity positive aspects, in response to the doc.
Petrobras credit score: dividends and capital expenditures needs to be the main focus
The present compensation coverage states that Petrobras can distribute 60% of its working money circulation much less capital expenditures. On the finish of April, the shareholders agreed, in a gathering, to pay a further dividend of R$35.8 billion introduced with the outcomes of the fourth quarter of final yr.
Additionally at a rally, the shareholders elected the brand new board of administrators underneath the federal government of PT Luiz Inácio Lula da Silva. With Lula’s marketing campaign guarantees on gasoline, additionally championed by the brand new CEO, Jean-Paul Pratis, buyers are cautious about how the stability sheet ought to deal with the corporate’s dividend coverage.
Because the election marketing campaign, Lula has been vital of pricing coverage and dividend technique, within the view of the president. The idea of the Batista is that distribution needs to be lowered, to make assets accessible for analysis and growth.
“Petrobras, which in our time was a growth firm for this nation, has now turn out to be an organization for the export of crude oil. This isn’t why we found a pre-salt layer,” Lula stated in March this yr.
For Gustavo Cruz, chief strategist at RB Investimentos and Mateus Haag, analyst at Information Investimentos, these two factors can be key to analyzing the stability sheet. Cruz stresses that the federal government’s political need is to extend investments, whether or not in renewable power, or constructing platforms, amongst different doable initiatives. “The federal government has been struggling defeats in Congress, so we predict the intervention in state-owned enterprises needs to be better,” notes the strategist, who believes in chopping dividend funds to the mandatory minimal.
Mateus Haag, an analyst at Information Investimentos, considers that the market expects to take care of the distribution coverage, however he’s not optimistic about this both. “If Petrobras maintains the distribution technique, the payout can be very excessive and the inventory ought to react nicely. However we all know this has to vary. President Lula and the Labor Celebration are towards dividends, and Lula has already commented that he doesn’t agree with this coverage and we all know that the prospect of change is excessive Very in some unspecified time in the future, however we don’t know for positive if that can occur in that first quarter.”
What do you anticipate from Petrobras (PETR4) stability sheet?
The typical earnings per share (EPS) projected by analysts compiled by InvestingPRO signifies a worth of R$2.06 per share for the primary three months of this yr, whereas income is estimated at R$135.3 billion. As proven within the picture beneath, a research of the historical past of Petrobras’ monetary indicators signifies the potential of a lower on this indicator, in comparison with the 2 instantly previous quarters.
Whereas EPS for the October-December interval was R$3.29, income was R$158.6 billion. Income jumped from R$137 billion within the first quarter of final yr to R$180.9 billion within the second quarter, with a drop to R$170.1 billion within the third quarter of 2022.
Revenues have been pushed from the second quarter of final yr by the rise within the value of a barrel of oil, which led to report monetary indicators, which benefited from the distribution of dividends to shareholders. Nevertheless, as commodity costs have been going by means of the method of adjustment, analysts consulted earlier than Investing.com Brazil We expect there can be an impression on the stability sheet.
“Many managers have stuffed Petrobras within the portfolio as a result of the coverage has introduced very sturdy dividends. The worth of a barrel of oil has crossed $100, which has boosted Petrobras and different oil corporations all over the world. This quarter, the information can be weaker, each for the corporate and for others, with Results on income and earnings, as costs within the quarter have been round $80 per barrel, and that’s the principle product, Cruz assessed.
“Petrobras has already introduced the resumption of manufacturing in some fields within the Bahia Terra group and this will have led to a rise within the firm’s capital expenditures,” Haag provides.
What’s a good value for Petrobras?
Nevertheless, in response to information cited by the InvestingPRO platform, the common aggregated analyst estimate signifies a good value for most well-liked shares of R$38.10, a possible enhance of 54.8%.
Furthermore, for ADRs traded in the USA (USA), the truthful value is anticipated to be $16.49, a rise of 48%.
How does it evaluate with its friends?
With InvestingPRO’s comparability instrument, it’s doable to match Petrobras shares with different oil corporations within the nation. The instrument reveals that the corporate’s estimation potential is larger in comparison with its friends, however the analysts consulted them Investing.com Brazil Do not forget that uncertainties concerning the firm’s dividend and funding insurance policies could change the understanding of the oil firm’s dangers underneath the brand new authorities.
discover: This content material has been written for informational functions solely and doesn’t represent any solicitation, supply, funding recommendation or suggestion, and isn’t meant to encourage the acquisition of belongings in any approach. Detailed info is predicated on InvestingPRO’s instrument and technical notes from analysts consulted by the press workforce.