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Petrobras Was Surpassed by Refinaria Manguinhos in Stock Appreciation in 2024. However, the State-Owned Company Remains Unbeatable in Dividends. The Future of the Oil Sector Is Full of Uncertainties, and the Question That Remains Is: Will Petrobras Be Able to Recover Its Dominant Position?
In the vast universe of Brazilian oil, an unexpected turnaround left investors and analysts stunned in 2024.
While everyone expected Petrobras to continue dominating the sector, a small, almost forgotten company took the lead in stock appreciation.
What seemed impossible happened: Petrobras, the giant that many believed to be unbeatable, was surpassed by a much smaller and highly volatile oil company.
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According to the portal Infomoney, although Petrobras has maintained its position as one of the largest dividend payers in the country, its recent stock numbers did not impress as much as those of a much lesser-known competitor.
Refinaria de Petróleos Manguinhos (RPMG3) stood out by achieving extraordinary performance through September 2024.
The Great Turnaround in the Oil Sector in 2024
In a year of surprises for the financial market, Refinaria Manguinhos experienced a 40.09% jump in its stock, an impressive appreciation for a small cap in the sector.
According to data collected by Quantum Finance, the performance of the refinery, known for its volatility, surpassed that of established giants like Petrobras.
The ordinary shares of the state-owned company rose only 13.54%, while the preferred shares made a timid advance of 9.69% for the year.
This disparity in performance left many analysts intrigued. After all, the previous year’s situation was completely different: Petrobras had accumulated nearly 100% appreciation in 2023, compared to only 24.7% for Manguinhos.
This reversal in 2024 raises an important question: What is happening with the Brazilian oil giant?
See the Ranking of the Greatest Appreciations
To better visualize this turnaround in the oil and gas sector, check out the list of the top Brazilian companies in 2024 and their performances over the last 12 months:
- Refinaria Manguinhos (RPMG3): 40.09% (2024) / 26.38% (12 months)
- Petrobras (PETR3): 13.54% (2024) / 20.98% (12 months)
- Petrobras (PETR4): 9.69% (2024) / 22.44% (12 months)
- Vibra (VBBR3): 8.95% (2024) / 33.45% (12 months)
- OceanPact (OPCT3): 8.19% (2024) / 22.46% (12 months)
It is impossible to ignore the fact that smaller companies, like Manguinhos, are beginning to challenge big names like Petrobras, which have always dominated the Brazilian oil and gas landscape.
And while investors seek to understand the reasons behind this change, one factor remains constant in Petrobras’s dominance: its dividends.
Petrobras Remains Unbeatable in Dividends
Although the appreciation of Refinaria Manguinhos’s stock has surpassed that of Petrobras in 2024, when it comes to dividends, the state giant remains at the top.
According to Quantum Finance, Petrobras’s dividend yield for 2024 reached an impressive 17.73% for preferred shares and 16.14% for ordinary shares.
Until the second quarter of the year, the state-owned company paid R$ 23 billion in dividends, consolidating its position as one of the largest profit distributors in the sector.
No other Brazilian oil company comes close to these numbers. The company that comes closest is PetroRecôncavo, which, according to Quantum data, achieved a 11.30% dividend yield for the year.
Check below the ranking of Brazilian oil companies in terms of dividends:
- Petrobras (PETR3): 17.73%
- Petrobras (PETR4): 16.14%
- PetroRecôncavo (RECV3): 11.30%
- Vibra (VBBR3): 7.31%
- Raízen (RAIZ4): 5.79%
Stock Decline and Future Challenges
Although Petrobras continues to dominate in dividends, the underwhelming performance of its stock raises a red flag.
Refinaria Manguinhos, with greater volatility and far lower market capitalization, not only surpassed Petrobras in stock appreciation but also raised doubts about the giant’s ability to sustain its growth over the long term.
Other companies in the sector also face challenges, such as Ultrapar (UGPA3), which saw its stock decline by 18.01% in 2024, and Raízen (RAIZ4), which experienced a 22.46% drop in the same period.
This scenario highlights the complexity and volatility of the oil sector in Brazil, where the largest companies do not always guarantee the highest returns.
What does the future hold for Petrobras and its competitors? With a small refinery taking the lead in appreciation and great uncertainties ahead, the only certainty is that the oil and gas market still holds many surprises.
Quanto a Manguinhos lucrou esse ano?
Quantos bilhões em dividendos a Manguinhos pagou esse ano?
Qual o valor de mercado na Bolsa de Manguinhos?
A Petrobrás está há anos luz na frente de Manguinhos.
As refinarias da Petrobras estão batendo recorde de Produção, com capacidade média de produção de 95%.
Manguinhos é sucata. Não sei como ainda funciona…