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BP p.l.c. (BP) - $25 value - yours FREE >>
Petroleo Brasileiro S.A.- Petrobras (PBR) - $25 value - yours FREE >>
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Petrobras (PBR) Postpones Offering of Its Stake in Braskem
Brazilian state-owned energy major, Petrobras (PBR - Free Report) , along with privately held Novonor own about 36.1% and 38.3% in Braskem (BAK - Free Report) , respectively. Both companies announced that they have decided to postpone the sale of their interests in the chemical giant, Braskem. The deferment was blamed on capital market instability, which led to levels of demand and price that were not suitable to close the transaction. Further, Novonor's creditors considered the price offered by investors too low.
Petrobras also declared that the Term Sheet, which it signed with Novonor, establishing commitment by both companies to sell their respective stakes in Braskem, is in effect.
Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. As part of the ongoing plans, PBR and Novonor were looking to offload as many as 154,886,547 preferred shares of Braskem. For Petrobras, the proposed sale was an attempt to divest assets and lower its massive debt as it had a net debt of $48.1 billion at the end of the third quarter.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company’s activities include exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks as well as refining, processing, trading, and transportation.
Petrobras currently has a Zacks Rank #2 (Buy). Other players from the energy space that warrant a look include Ranger Oil and BP (BP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ranger Oil’s stock has rallied around 198.1% in a year. The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $9.02 per share, which is an increase of a massive 152.7% from the projected year-ago earnings of $3.57.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 25%.
The Zacks Consensus Estimate for BP’s earnings for the upcoming quarter is projected at $1.06 per share, up about 37.7% from the year-ago quarter’s 77 cents.
BP’s stock has increased about 39.2% in a year. BP beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 10.8%.