Petrobras
PBR
, the Brazilian state-run oil giant, recently declared that it signed a deal to purchase the remaining 50% interest it did not own in the Italian electricity company, Ibiritermo, which is owned by Italy’s Edison SpA. As a result of this, Petrobras will take full control of the firm’s power plants.
The deal, which was announced in a securities filing, is part of PBR’s efforts to take full ownership of assets in which the company only held a partial interest.
A nominal payment of 1 real (about 21 cents) will be made by Petrobras in compliance with a 2002 contract with Ibiritermo. After the closing of the contract, which is subject to regulatory approval, Petrobras will make the payment of 2.5 million reais (about $523,560) to Edison.
The contract between the two firms will conclude with the purchase of Ibiritermo’s 226-megawatt capacity power plant in Brazil, the firm’s major asset that was already being operated by PBR over the last two decades, after which Petrobras will adopt the necessary measures to start the liquidation of Ibiritermo SA.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Its activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include
Oasis Petroleum
OAS
,
Earthstone Energy
ESTE
and
Murphy USA
MUSA
. You can see
the complete list of today’s Zacks #1 Rank stocks here.
Oasis Petroleum’s stock has gone up 96.9% in a year. Oasis Petroleum beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 19.6%.
The Zacks Consensus Estimate for OAS’ 2022 earnings is projected at $39.76 per share, up about 317.6% from the projected year-ago earnings of $9.52.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings has been revised upward by about 41.8% over the past 60 days from $2.80 to $3.97 per share. Earthstone’s stock has rallied 110.8% in a year.
The Zacks Consensus Estimate for ESTE’s 2022 earnings is projected at $3.97 per share, up about 217.6% from the projected year-ago earnings of $1.25.
Murphy USA is valued at around $6.1 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 87.6% in a year.
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