Skip to Content
Morningstar
Get 14 Days Free

Petroleo Brasileiro SA Petrobras ADR PBR

Morningstar Rating
Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Despite Recent Management Turmoil, Petrobras Continues To Deliver As Q4 Results Show

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Petrobras' fourth-quarter earnings brought a sense of relief after a tumultuous start to the week that brought the announcement of the CEO departure and a sharp sell-off. This news and accompanying increase in uncertainty obscure an underlying positive story of improved profitability and deleveraging engineered by the current CEO. Unfortunately, continuation of this success is now in question with his imminent departure and replacement by a political appointee who might diverge from the existing strategic plan and pricing policies.  

Read Full Analysis

Company Profile

Business Description

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production for oil and gas in Brazilian offshore fields. Production in 2019 was 2.8 million barrels of oil equivalent a day (80% oil production), and reserves stood at 9.6 billion boe (85% oil). Petrobras operates 13 refineries in Brazil with capacity of 2.2 million barrels a day and distributes refined products and natural gas throughout Brazil.

Contact
Avenida Republica do Chile, 65
Rio de Janeiro, RJ, 20031-912, Brazil
T +55 2132244477
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type —
Employees 57,983

Related

Fund Spy
Wild Ride for International Equities in 2020
Investors looked past the pandemic’s near-term impact.
Adam Sabban
Stock Strategist Industry Reports
Understanding the Emissions Challenge
An assessment of integrated oils' efforts to reduce greenhouse gas intensity.
Allen Good
Stock Strategist Industry Reports
Integrated Oils: A Free Cash Flow Story
These companies are finally set to deliver free cash flow, and in several cases the market is missing it.
Allen Good
Our Picks
31 Undervalued Stocks
As we wrap up the second quarter, our equity analysts name their best ideas in every sector.
Karen Wallace
Quarter-End Insights
Energy: Despite Geopolitical Wildcards, the Reckoning Is Still Coming for U.S. Shale Producers
The longer the delay, the worse the supply onslaught becomes.
Joe Gemino
Stock Analyst Update
Petrobras Impresses, but Shares Overpriced
The progress that the new management team has delivered as well as future improvement is largely reflected in the current stock price.
Allen Good
Fund Spy
International-Stock Funds Conquer Concerns in 2016
Most categories managed to climb a wall of worry as emerging markets and energy revived.
Dan Culloton
Market Update
Can Latin American Stock Funds Continue Their Run?
2017 will bring its fair share of challenges to this relatively small investment universe.
Manuela Badawy
Stock Strategist
Oil and Gas Price Outlook: Updating Our Near-Term Methodology for Forecasting Prices
In isolation, this will be a valuation tailwind for our coverage, but in most cases it will be modest.
Stephen Simko
ETF Specialist
Are Emerging-Markets Stocks Too Cheap to Ignore?
Almost, but not quite.
Ben Johnson
Fund Spy
5 Emerging-Markets Medalists Weather the Storm
Looking back at a difficult 12 months for some of our favorite emerging-markets funds.
Russel Kinnel
Quarter-End Insights
Credit Market Outlook: Tailwind From Declining Interest Rates Has Likely Run Its Course
The boost from declining rates may be over, but macroeconomic fundamentals in the U.S. should generally be supportive of credit risk.
David Sekera
Fund Spy
The Year in International Funds
A tumultuous conclusion to a challenging 2014.
Gregg Wolper
Fund Spy: Morningstar Medalist Edition
4 Foreign-Stock Funds That Aren’t Scared of Emerging Markets
Both moderate and bold options.
Greg Carlson
Quarter-End Insights
Credit Market Outlook: Bonds Priced for the Benign
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
David Sekera
ETF Specialist
Emerging-Markets Bond Breakdown
There are many different types of emerging-markets bonds.
Timothy Strauts
Investing Specialists
Knowing Where to Look
After several years of mixed returns, investors are rethinking how they get exposure to emerging markets.
Rob Wherry
Investing Specialists
Readers Discuss: Are Emerging Markets a Buy?
Some posters view pessimism as a contrarian indicator, while others are taking a muted approach to investing in emerging markets.
Christine Benz
US Videos
Jain: Emerging-Markets Consumer a Secular Growth Story
Emerging-markets consumer stocks are one of the few areas of long-term growth as the people are buying, eating, and drinking better, says Virtus Foreign Opportunities manager Rajiv Jain.
Bridget B. Hughes
US Videos
Shifting Dynamics in the Bond Market
Concerns of global systemic shocks have lessened from previous levels, and corporate issuers are more likely to take on riskier bets, according to Dodge & Cox's Tom Dugan.
Miriam Sjoblom