$52.12
-0.68 (-1.29%)
Petroleo Brasileiro S.A. (ADR) (PBR)
CAPS Rating:
The national oil company of Brazil and directly or through its subsidiaries is engaged in the exploration, production, refining, distribution, import, export, marketing and transportation of hydrocarbons and oil products.
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Despite record growth this year (overall crude-oil and natural-gas output rose to 2.451 million barrels of oil equivalent a day, up 0.4% in August and up 7.6% from the year-ago period) i do not see any light in the end of the tunnel for PBR in the coming months. Even after OPEC announced a 1.5mil barrel production cut effective november 1st (aproximately 5% of their output, 2% of global usage) oil still fell aproximately 5% today. PBR's stock price unfortunately is dictated by oil prices and i don't see them turning any good profits in the next few months and such i am bearish on PBR for the next 3 months atleast. PBR will release third quarter results on November 10 and im expecting a dull outlook, solidifying my current bear stance,