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Petrobras Wins Shareholder Approval for Suape, Citepe Sale
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In a recently held general meeting, shareholders of state energy giant Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) have given their consent to the sale of two of the company’s subsidiaries, PetroquímicaSuape and Citepe. The deal is valued at $385 million which will be paid on the closing date.
Petrobras had announced the sale of these petrochemical units in late 2016 to Mexico’s Alpek, S.A.B. de C.V. However, the Brazilian court had put a temporary hold on most of the divestment plans of the company including the sales of these units. The court’s verdict came on the back of the reported discrepancies in the company’s transactions and its failure to comply with the regulations. However, in Mar 2017 the court had lifted its suspension orders and allowed the company to advance with its divestment plans.
The sale of assets is part of Petrobras’ divestiture program of 2015–2018. The company had intended to raise $15.1 billion by the end of 2016 and is on track with its target of raising $21 billion within the next two years. These divestment plans are in sync with the company’s strategy to reinstate investor’s faith in the stock.
Notably, Petrobras’ board of directors have also extended the term of its current CEO Pedro Parente by another two years.
Zacks Rank and Key Picks
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 has outperformed the Zacks categorized Oil & Gas Emerging Markets Integrated industry over the prior two years. During the aforesaid period, while shares of Petrobras rallied almost 57%, the broader industry gained around 15%.
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Crescent Point Energy reported positive earnings surprise in each of the preceding four quarters, the average being 127.16%.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Petrobras Wins Shareholder Approval for Suape, Citepe Sale
In a recently held general meeting, shareholders of state energy giant Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) have given their consent to the sale of two of the company’s subsidiaries, PetroquímicaSuape and Citepe. The deal is valued at $385 million which will be paid on the closing date.
Petrobras had announced the sale of these petrochemical units in late 2016 to Mexico’s Alpek, S.A.B. de C.V. However, the Brazilian court had put a temporary hold on most of the divestment plans of the company including the sales of these units. The court’s verdict came on the back of the reported discrepancies in the company’s transactions and its failure to comply with the regulations. However, in Mar 2017 the court had lifted its suspension orders and allowed the company to advance with its divestment plans.
The sale of assets is part of Petrobras’ divestiture program of 2015–2018. The company had intended to raise $15.1 billion by the end of 2016 and is on track with its target of raising $21 billion within the next two years. These divestment plans are in sync with the company’s strategy to reinstate investor’s faith in the stock.
Notably, Petrobras’ board of directors have also extended the term of its current CEO Pedro Parente by another two years.
Zacks Rank and Key Picks
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 has outperformed the Zacks categorized Oil & Gas Emerging Markets Integrated industry over the prior two years. During the aforesaid period, while shares of Petrobras rallied almost 57%, the broader industry gained around 15%.
Better-ranked players in the broader industry include Antero Resources Corp. (AR - Free Report) , Pioneer Natural Resources Company (PXD - Free Report) and Crescent Point Energy Corp. (CPG - Free Report) . All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.
Pioneer Natural Resources is expected to deliver year-over-year growth of 1118.6% in its earnings in 2017.
Crescent Point Energy reported positive earnings surprise in each of the preceding four quarters, the average being 127.16%.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>