This Wednesday (27) Petrobras (PETR3/PETR4) announced that its Board of Directors has approved the sale of the Albacora Leste oil field, in the Campos Basin (RJ) to the oil reservoir manager PetroRio (PRIO3). ) for approximately US$ 2.2 billion (equivalent to 3% of Petrobras’ market value).
As a result, today (28), around 11:45 am (Brasilia time), Petrobras’ preferred shares (PETR4) rose 1.20%, to R$ 30.42, while the common shares (PETR3) appreciated 0.90%, at BRL 33.49. PetroRio shares (PRIO3) fell 1.45% at 11:54 am, trading at R$25.22.
See below for more details on the negotiation of Albacora Leste between the oil companies, and what recommendations the analysts heard by the UOL give to those who invest in these companies.
Acquisition of Albacora Leste
Petrobras had previously reported that it was in negotiations with the PetroRio-led consortium for the sale of Albacora Leste and Albacora, with bids for both oil fields exceeding US$4 billion as of September 30, 2021.
According to the Brazil Journal, the conclusion of the Albacora Leste transaction is scheduled for the end of the year, while negotiations for the other field, Albacora, are still ongoing.
This could be one of the last Petrobras property sales ahead of October’s presidential elections.
Is the deal good for investors?
Yes, according to analysis by Goldman Sachs. If the transaction is completed in 2022, Petrobras’ dividend yield in 2022 would rise from 37% to approximately 40%, according to the American bank.
In this way, the financial institution recommends the purchase of Petrobras shares to investors, “because we believe that its dividend yield compensates for the risks of the October elections”, it says in a report.
Yesterday, Petrobras released its production results, with growth of 2% compared to the first quarter of last year and another 4% compared to the last quarter of 2021. The volumes, according to Goldman Sachs, are approximately 2% above the bank’s forecast.
Is it worth investing in PetroRio?
“The news is positive and helps in the behavior of the stock [da PetroRio]. The Petrobras report helps the actions of its peers [outras empresas do setor]. All going up today”, says Pedro Galdi, an analyst at Mirae Asset.
The brokerage Levante Ideias de Investimento has a buy recommendation for PRIO3, betting on the appreciation of the paper — with a target price of R$ 31. The brokerage firm recommends that investors keep an eye on what they call “junior oils” — that is, companies small companies linked to oil, such as 3R and PetroRio.