I've been Watching $PBR as well. Petroleo Brasileiro SA Analyst Notes
On February 26, 2014, Petroleo Brasileiro SA (Petrobras) reported its Q4 2013 and full-year 2013 financial results. The Company reported consolidated net income attributable to the shareholders of Petrobras of BRL23.6 billion, up 11.3% YoY during full-year 2013. The Company notified that the increase in net income was due to 20% price increase in diesel and 11% price increase in gasoline, as well as increased production of oil products, cost optimization, gains from the sale of assets, lower write-offs for dry wells, as lower foreign exchange impact due to hedge accounting. Meanwhile, Petrobras' Q4 2013 consolidated net income attributable to the shareholders was up 85.0% QoQ to BRL6.3 million, reflecting higher oil export volumes, lower dry well write-offs, gains from sale of the interest in block BC-10, and tax benefits from provision of interest on own capital. The full analyst notes on Petroleo Brasileiro SA are available to download free of charge at:
Credit Suisse Upgrades Petrobras as Stock is Cheap Enough
Dwight Einhorn, Benzinga Staff Writer March 12, 2014 8:43 AM
In a report published Wednesday, Credit Suisse analyst Vinicius Canheu upgraded the rating on Petrobras (NYSE: PBR [FREE Stock Trend Analysis]) from Underperform to Neutral, and reiterated the $14.00 price target.
In the report, Credit Suisse noted, “Even in a scenario where the FX depreciates further to 2.6x and we see ‘only' 10% price hikes in 2015, PBR could be a close to 6.0x PE stock on reasonably conservative earnings. With the company recently going to the debt markets and raising c.$13bn YTD, capital needs are nearly solved for 2014, decreasing the fears of further equity dilution this year (though cheap debt also has an indirect psychological negative effect of removing the sense of urgency to increase gasoline and diesel prices).
"2014 is still a very tough year full of macro uncertainties (FX, elections, Brazilian debt downgrade?), and we are not yet seeing operational improvements in the business. We cannot see what would urge investors to buy yet, but PBR is now cheap enough to warrant a Neutral position.”
News 
Market Data 
Discover 
