Scotiabank Sticks to Their Buy Rating for Petroleo Brasileiro SA- Petrobras (PBR)

Scotiabank analyst Scotia Capital maintained a Buy rating on Petroleo Brasileiro SA- Petrobras (PBR) yesterday and set a price target of $13.00. The company’s shares closed last Wednesday at $9.21.

Currently, the analyst consensus on Petroleo Brasileiro SA- Petrobras is a Moderate Buy with an average price target of $10.87.

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Based on Petroleo Brasileiro SA- Petrobras’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $17.14 billion and GAAP net loss of $9.72 billion. In comparison, last year the company earned revenue of $18.8 billion and had a net profit of $1.07 billion.

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Petróleo Brasileiro SA engages in oil and gas exploration, production, and distribution activities. It operates through the following segments: Exploration and Production; Refining, Transportation, and Marketing; Distribution; Gas & Power; Biofuel; and Corporate. The Exploration and Production segment involves crude oil, natural gas liquids, and natural gas exploration, development, and production. The Refining, Transportation and Marketing segment involves refining, logistics, transportation, trading operations, oil products and crude oil exports and imports, and petrochemical investments. The Distribution segment refers to the distribution of oil products, ethanol, and vehicle natural gas to wholesalers and through Petrobras Distribuidora SA, its retail network in Brazil. The Gas & Power segment includes transportation and trading of natural and liquefied natural gas, the generation and trading of electric power, and the fertilizer business. The Biofuel segment involves the production of biodiesel and its co-products, and ethanol-related activities such as equity investments, production, and trading of ethanol, sugar, and the excess electricity generated from sugarcane bagasse. The Corporate segment comprises the financing activities not attributable to other segments including corporate financial management, and central administrative overhead and actuarial expenses. The company was founded on October 3, 1953 and is headquartered in Rio de Janeiro, Brazil.

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