|Over a week ago|
Petrobras downgraded to Underperform from Market Perform at Raymond James » 08:5405/1805/18/20
Raymond James analyst…
Raymond James analyst Pavel Molchanov downgraded Petrobras to Underperform from Market Perform based on its close linkage to the Brazilian economy and currency. Brazil has the worst COVID growth rate of any G20 country and Molchanov sees no way to avoid a national lockdown, and for a lengthy period, which will exacerbate pressure on Petrobras' downstream segment and worsen macro conditions, with ramifications for the currency and sovereign credit rating, to which Petrobras is exposed.
Petrobras downgraded to Underperform from Market Perform at Raymond James » 04:4205/1805/18/20
Raymond James analyst…
Raymond James analyst Pavel Molchanov downgraded Petrobras to Underperform from Market Perform.
Petrobras starts long-term tests at Albacora field, Reuters says » 14:5005/1705/17/20
Brazilian state-run oil…
Brazilian state-run oil company Petrobras has begun a long-term test in the Forno area in the Albacora field, in the so-called pre-salt region of the Campos Basin, according to Reuters, citing a company's securities filing. Reference Link
Petrobras doesn't see need for short-term cuts in oil production, Reuters says » 12:4405/1505/15/20
Petrobras doesn't see any need for short-term reductions in oil output, as the market for some of its products continues to be robust, especially in China, Reuters' Gram Slattery reports, citing Petrobras executives on a call with analysts. The company's management credited its strong relationship with independent refineries in China's Shandong Province, known as teapots, for maintaining robust crude exports, noting that storage capacity was not proving to be a problem, Slattery says. Reference Link
Petrobras options imply 7.9% move in share price post-earnings » 14:4905/1405/14/20
Pre-earnings options volume in Petrobras is 1.5x normal with calls leading puts 5:3. Implied volatility suggests the market is anticipating a move near 7.9%, or 46c, after results are released. Median move over the past eight quarters is 3.3%.
Petrobras downgraded to Neutral from Buy at BofA » 05:5505/1405/14/20
BofA analyst Frank McGann…
BofA analyst Frank McGann downgraded Petrobras to Neutral from Buy with a $7.50 price target. The weakening in the Brazilian Real and drop in economic activity has increased the risk that there could be limits placed on refined product prices in Brazil, especially for Petrobras's two main products, gasoline and diesel, McGann tells investors in a research note. The analyst believes investors could take a more cautious stance on the shares given the rising risk related to refined product pricing.
Petrobras says cash burn may reach $1B in months of higher volatility » 11:0805/0805/08/20
Petrobras said that it…
Petrobras said that it has been keeping the market informed about the actions on resilience adopted due to the impacts of the COVID-19 pandemic and the oil prices shock, according to the releases disclosed on 03/26/2020 and 04/01/2020. Resilience actions are aimed at preserving the company's liquidity in this scenario of uncertainties, reinforcing its financial soundness. Considering current costs and expenses and the high volatility of the price of commodities, it is not possible to accurately measure the use of the company's cash, which may, however, in a stress scenario, reach $1B in months of higher volatility, according to Petrobras. The company added that with the measures adopted it will ensure the maintenance of its financial health and cash balance in 2020 and that it will keep the markets informed about future movements, reflecting its commitment to transparency.
Petrobras upgraded to Outperform from Neutral at Bradesco » 05:3005/0805/08/20
Bradesco BBI analyst…
Bradesco BBI analyst Vicente Neto upgraded Petrobras to Outperform from Neutral with a R$29 price target.
|Over a month ago|
Petrobras upgraded to Outperform from Sector Perform at Scotiabank (yesterday) » 07:2704/2904/29/20
Scotiabank analyst Gavin…
Scotiabank analyst Gavin Wylie yesterday upgraded Petrobras to Outperform from Sector Perform with a price target of $11.50, up from $10.50. Despite the decline in domestic and global crude demand, Petrobras' production continues to demonstrate its value globally with exports hitting a record high in February, Wylie told investors in a research note. The analyst believes Petrobras has positioned itself "significantly better than expected" and represents one of the top names in a crude price recovery scenario.
Notable open interest changes for April 24th » 08:5504/2404/24/20
WLL, INTC, GILD, PBR
Thursday's total option volume of 23.8 million contracts resulted in net open interest growth of 3.31 million calls and 2.80 million puts. Whiting Petroleum (WLL), Intel (INTC), Gilead (GILD) and Petrobras (PBR) saw the greatest growth. Top five new positions opened include 26k Delta Air Lines (DAL) May-20 26 calls, 21k Oracle (ORCL) Jun-20 57.5 calls, 21k Vale (VALE) Dec-20 8 puts, 20k American Airlines (AAL) Jan-21 7 puts and 19k Delta Air Lines (DAL) May-20 30 calls.