Why Brazilian Oil Giant Petrobras Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
Shares of Petroleo Brasileiro S.A. (PBR) are trading lower after the company reported a mixed fourth-quarter financial performance. While sales exceeded consensus, oil products revenue and domestic market revenues declined. Adjusted EBITDA and earnings per ADS fell short of expectations, despite an increase in oil and natural gas production. The company also reported higher capex and net debt.
March 08, 2024 | 3:34 pm
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Petrobras reported mixed Q4 results with higher sales but lower oil products revenue and domestic market revenues. Adjusted EBITDA and earnings per ADS missed expectations, despite increased production.
The mixed financial results, particularly the miss on earnings per ADS and the decline in adjusted EBITDA, are likely to negatively impact investor sentiment in the short term, leading to a decrease in PBR's stock price.
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