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Petroleo Brasileiro S.A.- Petrobras (PBR) - $25 value - yours FREE >>
Eni SpA (E) - $25 value - yours FREE >>
Braskem S.A. (BAK) - $25 value - yours FREE >>
Evolution Petroleum Corporation, Inc. (EPM) - $25 value - yours FREE >>
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Petrobras (PBR) Shows Reluctance Over Acquiring Braskem
Petrobras (PBR - Free Report) , the state-owned oil and gas company of Brazil, is not contemplating making a bid to acquire Braskem (BAK - Free Report) , per media reports.
PBR, which has a 36.1% share in Braskem, is reportedly unwilling to consolidate Braskem's $9.8 billion debt, as listed on the company's balance sheet. Hence, it is not making a bid to acquire the remaining stake in the business.
Although Novonor owns 50.1% of the voting shares of BAK and Petrobras 47%, the companies have entered a shareholder agreement that grants PBR the right of first refusal in any buyout offer. According to a Bloomberg report, Petrobras has no intention of exercising the right.
Petrobras, apparently, has not yet decided which of the two proposals would be best for Braskem. It is allowing Novonor and its creditors to negotiate with the bidders.
Zacks Rank & Key Picks
Currently, Shell carries a Zack Rank #3 (Hold).
A couple of better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) and Eni SpA (E - Free Report) . While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), Eni SpA carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
Eni SpA is a leading integrated energy major, which operates primarily through three business segments —Exploration & Production, Gas & Power, and Refining & Marketing and Chemicals. E has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.