We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Petrobras (PBR): Court Halts $5.2B NTS Sale to Brookfield
Read MoreHide Full Article
Brazilian state-run integrated energy player Petroleo Brasileiro S.A. or Petrobras’ (PBR - Free Report) divestment plans could be in jeopardy as the court has suspended the company’s $5.2 million deal with Brookfield. The Brazilian Federal court has recently passed a ruling against the sale of Petrobras’ natural gas pipeline unit, NTS, to Canada-based Brookfield Asset Management Inc.
The court halted the transaction due to discrepancies in the way Petrobras advanced with the sale. It is believed that the sale was not publicized well enough to stimulate ample competition. Petrobras is taking necessary legal steps to protect the interest of its shareholders.
The sale of NTS or Nova Transportadora do Sudeste is the chief item of Petrobras’ divestiture program of 2015–2018. The company plans to sell assets worth $35 billion over the time frame. These divestment plans are in sync with the company’s strategy to reduce its debt burden and reinstate its investment grade rating and financial health.
The bankers, who control Brazilian banking group Itau Unibanco Holding SA (ITUB - Free Report) , are in talks with Brookfield to be part of the acquisition deal. Brookfield, which is a unit of Canada’s largest alternative asset manager, has agreed to buy a 90% stake in NTS.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm operating in the exploration, refining, marketing, transporting, distribution and biofuels segments. The company currently carries a Zacks Rank #3 (Hold).
The company outperformed the Zacks categorized Oil & Gas Emerging Markets Integrated industry over the last six months. During the aforesaid period, shares of Petrobras rose almost 14.65%, while the broader industry gained around 12.52%.
Abraxas Petroleum Corporation is expected to report year-over-year growth of 88.09% and 250% on its revenue and earnings for 2017.
Ultra Petroleum Corp recorded a positive earnings surprise in three of the last four quarters, the average being 93.69%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Petrobras (PBR): Court Halts $5.2B NTS Sale to Brookfield
Brazilian state-run integrated energy player Petroleo Brasileiro S.A. or Petrobras’ (PBR - Free Report) divestment plans could be in jeopardy as the court has suspended the company’s $5.2 million deal with Brookfield. The Brazilian Federal court has recently passed a ruling against the sale of Petrobras’ natural gas pipeline unit, NTS, to Canada-based Brookfield Asset Management Inc.
The court halted the transaction due to discrepancies in the way Petrobras advanced with the sale. It is believed that the sale was not publicized well enough to stimulate ample competition. Petrobras is taking necessary legal steps to protect the interest of its shareholders.
The sale of NTS or Nova Transportadora do Sudeste is the chief item of Petrobras’ divestiture program of 2015–2018. The company plans to sell assets worth $35 billion over the time frame. These divestment plans are in sync with the company’s strategy to reduce its debt burden and reinstate its investment grade rating and financial health.
The bankers, who control Brazilian banking group Itau Unibanco Holding SA (ITUB - Free Report) , are in talks with Brookfield to be part of the acquisition deal. Brookfield, which is a unit of Canada’s largest alternative asset manager, has agreed to buy a 90% stake in NTS.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm operating in the exploration, refining, marketing, transporting, distribution and biofuels segments. The company currently carries a Zacks Rank #3 (Hold).
The company outperformed the Zacks categorized Oil & Gas Emerging Markets Integrated industry over the last six months. During the aforesaid period, shares of Petrobras rose almost 14.65%, while the broader industry gained around 12.52%.
Better-ranked players in the industry include Abraxas Petroleum Corporation (AXAS - Free Report) and Ultra Petroleum Corp . Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Abraxas Petroleum Corporation is expected to report year-over-year growth of 88.09% and 250% on its revenue and earnings for 2017.
Ultra Petroleum Corp recorded a positive earnings surprise in three of the last four quarters, the average being 93.69%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>