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The oil & gas sector faced a volatile year due to changes in pricing policy and risk aversion, but the majority of companies ended 2023 with a positive balance.
Petrobras (PETR3;PETR4) stood out in the oil & gas sector in 2023, managing to overcome initial aversions due to concerns about changes in fuel and dividend pricing policy. For 2024, the state-owned company remains one of Santander's preferences, due to the potential extraordinary dividends. Analysts expect an extraordinary dividend of US$6,5 billion from Petrobras in 2024, which will lead to a dividend yield of 16%. Additionally, the bank names PetroReconcavo as its favorite junior oil company, seeing the stock providing catalysts and resilience.
In addition to Petrobras, Santander experts are optimistic about PetroReconcavo (RECV3) and Ultrapar (UGPA3) for 2024. The short-term prospects for fuel distribution remain confusing for Ultrapar, however, the company's leaner capital structure is cited as a positive point. Júlio Borba, an analyst at Benndorf, prefers Enauta (ENAT3) due to the definitive production system in the Atlanta field. ‘It’s a riskier role, but we can see a large increase in production and share appreciation in 2024’, he says.
Analysts project a positive scenario for Petrobras
After a period of risk aversion, analysts' preferences regarding Petrobras (PETR4) are starting to change. With recent signals from the Federal Reserve about a possible cut in Interest, companies in the oil & gas sector are being seen with more optimism. However, the concerns to Olos technology demand global market and changes in pricing policy still hover over the market of oil.
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- New gas discovery in South America takes Venezuela to 300,9 BILLION barrels, surpasses Saudi Arabia, Canada and Iraq, and leaves the Middle East eating dust!
- Federal government approves and pre-salt oil will be auctioned! New Chinese dominance?
Experts state that Petrobras can benefit from maintaining the supply restriction, together with the slowdown in the production of other oil companies. Furthermore, the company has the potential to stand out in the current scenario, further boosting the oil and gas sector.
With year of Lula government approaching, it is expected that Petrobras will take measures to maintain its position in the market. Share such as the distribution of extraordinary dividends and list of potential dividends will be considered as possible catalysts for the company.
Despite the uncertainties regarding the oil prices, analysts are confident that Petrobras is able to face the challenges and maintain its relevance in the market. With the recent appreciation of PETR4 shares, the company is showing positive signs of recovery.
The market continues to pay attention to Petrobras' movements and awaits new signs that could impact the current scenario. The company is in the spotlight and its actions could influence investment decisions in the oil & gas sector in the coming months.
Source: moneytimes
