Petrobras (PETR4) can still pay US$ 16 billion in dividends, says Bradesco BBI

Bradesco BBI set a target price of R$53 for Petrobras shares. (Image: Bloomberg)

THE Petrobras (PETR4) can still pay around US$16 billion in dividends related to 2022 results, assuming there is no more leverage, said the Bradesco BBI this Friday (29).

The day before, the oil company announced a dividend of R$ 6.73 per share, representing a dividend yield of approximately 20% for the second quarter.

While minority shareholders will receive R$55 billion in dividends, the government is expected to receive R$110 billion in taxes and dividends related to the quarter.

PETR4: Dividends ‘compatible’ with the future

Analysts Vicente Falanga and Ricardo França, from Bradesco BBI, point out that the announced dividends exceed Petrobras’ cash flow in the second quarter, but state that “the payment is highly compatible with the future balance sheet”.

“Debt continued to decline sharply, with gross debt now at $54 billion (vs. $59 billion in 1Q22), and net debt now at $34 billion, with net debt/Ebitda projected for 2022 now at 0.5x, below the average of its global peers.”

Bradesco BBI set a target price of R$53 for Petrobras shares at the end of December 2023. The company’s shares were operating at R$33.77 this Friday, up more than 4%.

The company reported recurring net income of R$45 billion in the period, up 10% compared to the same period in 2021, according to a document published this Thursday night.

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