After falling R$55 billion due to retaining earnings, the value of the state-owned company increased by almost R$80 billion with a change in positioning
Petrobras recovered the market value lost after the instability caused by the decision to withhold extraordinary dividends. On March 7, when it announced that it would not pay the extra payments, the state-owned company was worth R$529.1 billion. The following day, it lost R$55 billion and the value reached R$473.8 billion due to the negative reaction of investors.
Since then, with the signal from the Luiz Inácio Lula da Silva (PT) government that at least part of the proceeds would be possible, the oil company has returned to value. The value reached R$553.8 billion after Lula and the Board of Directors of the state-owned company approved the payment of 50% of the dividends.
When the decision was confirmed on Thursday (April 25, 2024), Petrobras reached a market value of R$561.4 billion. Last Friday (April 26), it closed with R$553.3 billion. This represents a valuation of almost R$80 billion with a change in positioning.
The government was initially against the payment of dividends. Partially retreated for 2 reasons. The 1st is fiscal: it needs more resources to close the accounts for 2024. As the largest shareholder in the oil company, it will receive R$6 billion of the R$22 billion that will be distributed extraordinarily. The 2nd was to calm the market, which reacted negatively to the intervention.
As a result of the change, Petrobras came close to breaking its record value again: R$566.9 billion, reached on February 19. The data was compiled by consultant Einar Rivero, from Elos Ayta Consultoria, at the request of Power360.
The market value is calculated by the price of shares and the total number of shares in circulation. Since March 7, the company’s share price on B3 (São Paulo Stock Exchange) has increased by almost 6%.
One common share (PETR3) cost R$37 after the decision to withhold dividends. Last Friday (April 26), it closed at R$43.7. In the case of preferreds (PETR4), the variation was from R$36.1 to R$41.4.
