Petrobras plunges as wave of analyst downgrades follows dividend frustration

seekingalpha03-09

Petrobras (NYSE:PBR) -10.1% in Friday's trading as a disappointing dividend payout reflects investor frustration with CEO Jean Paul Prates, who has tried to balance shareholder interests with the ...

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The Brazilian real weakened as much as 1%, leading losses among the world's major currencies, Brazil's Ibovespa stock market index fell by the most since September, dragged down by Petrobras (PBR), which accounts for 13% of the index weightings. ETF: (EWZ) The company's board approved 1.10 reais/share, or 14.2B reais ($2.9B), in dividends from Q4, but did not pay extraordinary dividends for the full year; Goldman Sachs said $3B-$4B in extraordinary dividends were expected in addition to the predetermined year-end payout. The message is \"very clear: Investors should expect only minimum dividends for Petrobras,\" J.P. Morgan analysts write, saying the Q4 payout represents an 8.1% dividend yield in 2024, \"substantially below that of peers that typically deliver returns in the low teens.\" Petrobras (PBR) also was hit with downgrades by several analysts, including at Bank of America, Bradesco BBI and Banco Santander. The decision to not announce extraordinary dividends \"heightens the risk perception at PBR and also suggests the company could be pivoting to an agenda more focused on growth (leading to higher capex and M&A),\" BofA says in cutting the stock to Neutral from Buy. Santander analysts cut Petrobras (PBR) to Neutral from Buy, saying the company has sent \"mixed signals regarding short-term capital allocation strategy,\" and Bradesco BBI believes \"flows could move away from Petrobras to Chinese oil companies given the recent turnaround in capital discipline and strong buyback programs,\" also downgrading the stock. Vale (VALE) -2.1% as investors also monitor the miner's ongoing CEO succession process for clues on whether the Brazil government may be successful in pushing for a candidate with strong ties to the government.  More on Petrobras  Petrobras Q4 Earnings: No Longer A Dividend Powerhouse Petrobras: Poised To Sustain Its Attractive Dividend Yield Petrobras: I Was Truly Wrong About Its Resilience And Headwinds","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2418933220"}