CICC Initiates Coverage of Petroleo Brasileiro S.A. (PBR) With an Outperform Rating

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the best NYSE stocks to buy under $20. On July 20, CICC initiated coverage of  Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) with an Outperform rating and a $16 price target.

In other news,  Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) announced on August 4 that it concluded the transfer of its entire participation in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. The fields are located in shallow waters in the Campos Basin, and had their production halted in March 2020.

Management reported that the “respective production facilities have been mothballed since then,” and that the transfer of these fields entails compensation adjustments to be paid by Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR).

These are associated with the integrity of the asset, allowing the opportunity of resuming production by the new operation and providing an alternative to their decommissioning by Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR).

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas.

The company’s operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.

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Disclosure: None. This article is originally published at Insider Monkey.