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Petrobras (PBR) Board Approves New CEO as Price Burden Rises
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Petrobras (PBR - Free Report) , the Brazilian oil major, has a new Chief Executive Officer (“CEO”) — Caio Mário Paes de Andrade — after the state-owned company’s board cleared him for the role.
The incoming top executive will replace Jose Mauro Ferreira Coelho, who stepped down from his position recently after a two-month-long stint amid the strong criticism by Brazilian President Jair Bolsonaro of PBR's recent decisions to raise fuel prices in Brazil.
Andrade had been hand-picked by Bolsonaro last month to run the company and is set to take charge of the office from Chief Exploration and Production Officer Fernando Borges, who acted as the interim CEO after Coelho’s resignation.
As a result of this, Andrade has become the company’s fifth CEO since Brazilian President Jair Bolsonaro came to power in 2019.
Per the company, Andrade is likely to hold the CEO position until Apr 13, 2023.
Bolsonaro’s government, which seeks re-election in Brazil later this year, has been concerned about the rising inflation and thus has been interfering in PBR’s pricing policies time and again to bring it down.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
The Zacks Consensus Estimate for Berry’s 2022 earnings has been revised 70% upward over the past 60 days.
The Zacks Consensus Estimate for BRY’s 2022 earnings is projected at $3.67 per share, up about 1368% from the projected year-ago earnings of 25 cents.
The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 44.8% over the past 60 days from $12.11 to $17.54.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 180.9% upward over the past 60 days.
The Zacks Consensus Estimate for CVI’s 2022 earnings is projected at $3.23 per share, up about 447.3% from the projected year-ago loss of 93 cents.
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Petrobras (PBR) Board Approves New CEO as Price Burden Rises
Petrobras (PBR - Free Report) , the Brazilian oil major, has a new Chief Executive Officer (“CEO”) — Caio Mário Paes de Andrade — after the state-owned company’s board cleared him for the role.
The incoming top executive will replace Jose Mauro Ferreira Coelho, who stepped down from his position recently after a two-month-long stint amid the strong criticism by Brazilian President Jair Bolsonaro of PBR's recent decisions to raise fuel prices in Brazil.
Andrade had been hand-picked by Bolsonaro last month to run the company and is set to take charge of the office from Chief Exploration and Production Officer Fernando Borges, who acted as the interim CEO after Coelho’s resignation.
As a result of this, Andrade has become the company’s fifth CEO since Brazilian President Jair Bolsonaro came to power in 2019.
Per the company, Andrade is likely to hold the CEO position until Apr 13, 2023.
Bolsonaro’s government, which seeks re-election in Brazil later this year, has been concerned about the rising inflation and thus has been interfering in PBR’s pricing policies time and again to bring it down.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include Berry (BRY - Free Report) , Murphy USA (MUSA - Free Report) and CVR Energy (CVI - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Berry’s 2022 earnings has been revised 70% upward over the past 60 days.
The Zacks Consensus Estimate for BRY’s 2022 earnings is projected at $3.67 per share, up about 1368% from the projected year-ago earnings of 25 cents.
The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 44.8% over the past 60 days from $12.11 to $17.54.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 180.9% upward over the past 60 days.
The Zacks Consensus Estimate for CVI’s 2022 earnings is projected at $3.23 per share, up about 447.3% from the projected year-ago loss of 93 cents.