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    PETR4   BRPETRACNPR6

PETROBRAS

(PETR4)
  Report
Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-09-23 pm EDT
29.94 BRL   -6.26%
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Brazil government projects 2022 primary surplus of $2.6 billion, first in nine years

09/22/2022 | 02:40pm EDT
FILE PHOTO: Brazil's President Jair Bolsonaro news conference at the Planalto Palace

BRASILIA (Reuters) - Brazil's government estimated on Thursday it will post a primary surplus this year, the first since 2013, with public accounts benefiting from booming tax revenue and hefty dividends from state-owned companies.

The Economy Ministry forecast a 13.548 billion reais ($2.63 billion) primary budget surplus for the central government, comprising Brazil's Treasury, central bank and Social Security, as Reuters reported on Wednesday.

The number sharply contrasts with the primary deficit of 59.354 billion reais seen in July and an official deficit target of 170.5 billion reais for 2022.

Compared with calculations made just two months ago, the government improved estimated net revenues for the year by 69.9 billion reais, forecasting a more robust tax collection and additional 25.6 billion reais in dividends.

Dividends were mainly pushed by state-controlled oil company Petrobras, which saw its profit soar with the rise in oil prices after the Ukraine war.

Economy Minister Paulo Guedes has argued that revenue improvement responds not only to spiking commodities but also to reforms carried out by the government, which lowered the unemployment rate and attracted more private investment.

The government also announced in the report the need to freeze an additional 2.6 billion reais in expenses to comply with the constitutional spending cap.

The details of the cuts will be formalized at the end of the month, adding to pressure on President Jair Bolsonaro, who is trailing in his re-election campaign to leftist rival Luiz Inácio Lula da Silva ahead of an Oct. 2 vote.

($1 = 5.1437 reais)

(Reporting by Marcela Ayres; Editing by Chris Reese and Sandra Maler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 1.17% 5.0976 Delayed Quote.-20.56%
LONDON BRENT OIL -3.99% 86.71 Delayed Quote.15.96%
PETROBRAS -6.26% 29.94 Delayed Quote.5.24%
WTI -5.01% 79.304 Delayed Quote.5.25%
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Analyst Recommendations on PETROBRAS
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Financials
Sales 2022 614 B 117 B 117 B
Net income 2022 165 B 31 435 M 31 435 M
Net Debt 2022 228 B 43 648 M 43 648 M
P/E ratio 2022 2,23x
Yield 2022 63,4%
Capitalization 413 B 78 818 M 78 818 M
EV / Sales 2022 1,04x
EV / Sales 2023 1,20x
Nbr of Employees 45 532
Free-Float 64,4%
Chart PETROBRAS
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Technical analysis trends PETROBRAS
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 29,94 BRL
Average target price 41,43 BRL
Spread / Average Target 38,4%
EPS Revisions
Managers and Directors
Caio Mario Paes de Andrade Chief Executive Officer & Director
Fernando Assumpção Borges President
Rodrigo Araujo Alves Chief Financial Officer
Gileno Gurjo Barreto Chairman & Executive Director-Exploration
Marcelo da Silva Carreras Head-IT & Telecommunications
Sector and Competitors
1st jan.Capi. (M$)
PETROBRAS5.24%78 818
SAUDI ARABIAN OIL COMPANY10.61%2 104 278
SHELL PLC36.55%174 399
PETROCHINA COMPANY LIMITED-0.86%132 826
TOTALENERGIES SE4.21%114 422
EQUINOR ASA43.37%101 788