Brazil's Petrobras ADR Rises on Dividend Announcement -- Market Talk

Dow Jones11-23 02:07

1307 ET - Brazil's Petrobras takes an important step to please investors, UBS BB analysts write after the state-controlled oil company announced 20 billion reais ($3.4 billion) in extraordinary dividends to be paid this year. Petrobras approved a five-year strategic plan projecting up to $55 billion in extraordinary payments. Brazil's government is struggling to balance the budget, in an added incentive for Petrobras to ramp-up dividends, UBS BB says. "PBR remains as one of the best options in the sector," the analysts say. "Governance concerns and M&A risk will likely continue to be noises on the name, however we view the recent track record serve as checks." Petrobras ADR rises 5.3%. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

November 22, 2024 13:07 ET (18:07 GMT)

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Brazil's government is struggling to balance the budget, in an added incentive for Petrobras to ramp-up dividends, UBS BB says. \"PBR remains as one of the best options in the sector,\" the analysts say. \"Governance concerns and M&amp;A risk will likely continue to be noises on the name, however we view the recent track record serve as checks.\" Petrobras ADR rises 5.3%. 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Petrobras approved a five-year strategic plan projecting up to $55 billion in extraordinary payments. Brazil's government is struggling to balance the budget, in an added incentive for Petrobras to ramp-up dividends, UBS BB says. \"PBR remains as one of the best options in the sector,\" the analysts say. \"Governance concerns and M&A risk will likely continue to be noises on the name, however we view the recent track record serve as checks.\" Petrobras ADR rises 5.3%. 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