Brazil’s state-run oil company, Petrobras, saw its shares crash on Friday after it skimped on its dividend, with the ramifications spilling beyond Petrobras and into the wider Brazilian stock market. Petrobras’ market value tumbled on Friday by $14 billion after the company’s fourth-quarter results—published on Thursday—disappointed investors with a reduced dividend. Investors and analysts had expected an extraordinary dividend between $3 and $4 billion for the quarter, on top of the $2.
1% for 2024—a figure that was “substantially below that of peers that typically deliver returns in the low teens,” JPMorgan wrote, according to Reuters. Other analysts jumped on the criticism wagon and downgraded Petrobras, including BofA, who said that the decision to scale back the dividends “heightens the risk perception at Petrobras, particularly on the government influence regarding major capital allocation decisions.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Preston Makers Market returns for March featuring over 70 local businessesSecret Industries at a previous market Pic: Preston Makers Market / Facebook The Flag Market will once again be full of local creatives when the Preston Mak
Read more »
Year of Linux on the desktop creeps closer as market share rises a little25% increase in seven months… But it depends how you count it
Read more »
Medieval shoes, textiles, pot fragments found in Northampton Market SquareThe artefacts date back to the 13th-14th century
Read more »
Hong Kong's Stock Market DeclineHong Kong's stock market has been the worst-performing major market over the past 25 years, reflecting the confluence of domestic politics, China's influence, and global economic shifts.
Read more »
Speed limit to be reduced on A631 between Market Rasen and LouthLincoln and Greater Lincolnshire news
Read more »