CICC Initiates Coverage of Petróleo Brasileiro S.A. (PBR) With an Outperform Rating
A worker in a hard hat looking up at an offshore drilling rig at sunset.
In other news, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) announced on August 4 that it concluded the transfer of its entire participation in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. The fields are located in shallow waters in the Campos Basin, and had their production halted in March 2020.
Management reported that the 'respective production facilities have been mothballed since then,' and that the transfer of these fields entails compensation adjustments to be paid by Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR).
These are associated with the integrity of the asset, allowing the opportunity of resuming production by the new operation and providing an alternative to their decommissioning by Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR).
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas.
The company's operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.
While we acknowledge the potential of PBR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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