The firm initiated the stock with a buy rating.
For Brazilian oil and natural gas giant Petrobras , Jefferies says to "let the assets do the talking." The firm initiated coverage on Petrobras with a buy rating. It believes its pre-salt oil portfolio offshore Brazil gives it one of the strongest asset bases among global energy names — but shares are currently trading at a 30% discount to its peers. "Its new strategic/financial envelope has removed uncertainties, turning PBR into a ... upstream volume growth story.
This will likely put its 2024 dividend yield at 13%, with an extra 1% raise from its preferred share buy back. In comparison, other international oil companies have an average of 11% shareholder distribution yields and 5% dividend yields, according to Demichelis. To be sure, Petrobras was notably centered in Operation " Lava Jato ," or "Car Wash" in Brazil beginning in 2014.
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