We recently added the shares of the Brazilian company Petrobras to Movo.
The company is very famous in the world and is a leader in oil production, as well as having constantly growing revenues. Cool, right? We suggest you learn more about Petróleo Brasileiro S.A.
General information
A Petrobras é a maior empresa de petróleo e gás do Brasil, controlando mais de 90% da produção de petróleo do país. Suas principais reservas de petróleo e gás estão nas bacias de Campos e Santos.
History
The company was founded on October 3, 1953, on the initiative of Brazilian president Getúlio Vargas and was granted monopoly rights to explore, produce, and refine oil in the country.
- In 1968, large oil reserves were discovered in the Atlantic Ocean, off the southeast coast of Brazil – the Campos Basin (its development by Petrobras began in 1971).
- In 2006, oil deposits were discovered in the Santos Basin, which contains oil and gas, and its development began in 2009.
- In 2007, the company announced the discovery of a field in the Tupi offshore area with reserves of 5 billion to 8 billion barrels of light oil.
Revenue
Petróleo Brasileiro S.A. delivered an impressive performance in 2022 – 2023. The company has not appeared in the Gap Down for 2 years, according to each quarterly report. The most recent report showed revenue of $22.9 billion and annualized revenue (excluding the most recent quarter) is $105.5 billion (a non-tax figure).
The company has an excellent P/E of 3.58. The shares are not overvalued and are trading at a fair price.
Forecasts
With the oil price falling by more than 20% at the end of September, the shares only fell by 0.6% over the same period. This demonstrates excellent diversification.
Big names like HSBC Securities, Jefferies, UBS, and BofA recommend buying Petróleo Brasileiro shares from August to October.
From a technical perspective, $16 – $18 will be the key zone for the stock. This resistance has been holding the price back for years. If OPEC+ stabilizes oil prices, we’ll see PBR above $20.
