Why Is Brazilian Oil Company Petrobras Stock Sinking Today?
Portfolio Pulse from Lekha Gupta
Petrobras (NYSE:PBR) shares are down 7.16% following the resignation of CEO Jean Paul Prattes, who was dismissed by Brazil's President over a dispute on dividend payments. Prattes' departure raises concerns about the company's future direction, especially given its recent underperformance in Q1 FY24 sales.
May 15, 2024 | 4:21 pm
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Petrobras shares fell 7.16% after CEO Jean Paul Prattes resigned following a dispute with Brazil's President over dividend payments. The company's Q1 FY24 sales also missed expectations, adding to investor concerns.
The resignation of CEO Jean Paul Prattes, who was seen as balancing market and political demands, creates uncertainty about Petrobras' future direction. This, combined with the recent Q1 FY24 sales miss, has led to a significant drop in share price.
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