Petrobras share (PETR4) shoots up 3.6% and closes at a maximum in 13 years

Petrobras share (PETR4) shoots up 3.6% and closes at a maximum in 13 years
Petrobras facade. Photo: Disclosure

The preferred share of Petrobras (PETR4) shot 3.64% this Friday (27), reaching R$ 28.49, the maximum in 13 years, as shown in the chart below.

THE Petrobras quote today was driven by the rise in the price of oil. Brent’s October contract appreciated 2.36% and rose by $72.75.

The state-owned oil company also confirmed this Friday the entry into the negotiation phase for the sale of Polo Potiguar for 3R Petroleum (RRRP3). The exact amount of the transaction was not disclosed. The sale involves an amount of more than R$ 1 billion, said Petrobras.

Petrobras share (PETR4) shoots up 3.6% and closes at a maximum in 13 years
Performance of Petrobras action (PETR4). Photo: TradingView Reproduction

Polo Potiguar, currently held by the company, is a set of 26 concessions for onshore and shallow water production fields. At the pole, which is in Rio Grande do Norte, are the Clara Camarão Refinery and the Guamaré Terminal.

Data from the Petrobras Social Observatory (OSP) Privatometer showed that the sale of the company’s assets totaled R$ 231 billion over a six-year period — from January 2015 to July 2021. Since the tool’s launch in June, the The company’s current management disposed of seven more assets, totaling R$ 15.54 billion.

In addition, the oil company informed the National Agency for Petroleum, Natural Gas and Biofuels (ANP) that it had found gas fluids in the Campos and Parnaíba basins. Evidence of hydrocarbons was reported in the 1-BRSA-1380D-RJS offshore well on August 12th.

BofA raises Petrobras target price (PETR4)

Yesterday, Bank of America (BofA) revised up the target price for Petrobras, from R$37.50 to R$41.00. In the bank’s analysis, the increase was due to an improvement in the company’s profits and “financial health”.

At Petrobras shares gain greater valuation potential costs decrease. According to BofA analysts, this is the main reason for updating the opinion on the papers.

With more robust numbers, the company should “maximize the potential of its base of quality resources”, evaluated the bank.

In early August, the balance of Petrobras positively surprised the market, with the company reporting a recurring net income of R$ 40.704 billion, reversing the loss and motivating a 10% increase in shares in the following trading session.

(With Content Status)