Petrobras (PBR) is Breaking Out
Petrobras (PBR) is Breaking Out
Petroleo Brasileiro S.A., also known as Petrobras is the national oil company of Brazil. The government owns 54% of the shares. In Q3, 2023 the company grew oil production 9% to 2.32 million barrels a day.
The company has a $111 billion market cap, a p/e of 4.22, and pays an 16% dividend. It is my second largest oil holding. I’ve personally owned it for 14 months and have just about doubled my money through dividend reinvestment and share price appreciation.
The chart just hit a four year high. The next earnings are expected to be announced on March 7, 2024. If the chart breaks out above $19.69 on strong volume it could easily become a $40 stock. You are looking at a decade-long “coiled spring.” The risks, as always, are political.
All the best,
Christian DeHaemer
Pro Trader Today