The UBS bank recommended the sale of Petrobras shares and reduced the target price of the shares from R$ 47 to R$ 22, reveals a report to which the CNN had access.
On Monday (21) the shares closed at R$ 26.78, up 0.3% after confirmation of the payment of dividends.
Part of the bank’s decision is attributed in the report to comments made by the new government’s transition team.
President-elect Luiz Inácio Lula da Silva has not yet decided who will be the new president of Petrobras, but he said in the campaign that he wants to change the price policy.
According to the report, three nebulous points contribute to the bad mood with the company: pricing policy, investment policy and perspectives for the future.
“None of this is clear at the moment, however, comments from the transition team give us some clues, and looking back at Petrobras we need to be cautious”, says the document.
The bank emphasizes that there is no decision on the future of the pricing policy, but that it expects tighter profit margins for refining.
He also points out that with more investments in renewable energy, Petrobras will pay less dividends, which is harmful from the investor’s point of view.
Petrobras has paid BRL 217 billion in investments so far in 2022, including in advance to help the National Treasury close the accounts The volume is a record and the practice was criticized even by company advisors.
Source: CNN Brasil
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