(Image: Petrobras Agency)
A Petrobras (PETR4)already well-known among Brazilian stock market investors, seems to have reached even greater levels of popularity. This week, the state-owned company reached a record 1 million individual shareholders na B3.
In 2023, the number mentioned in company documents was around 860 thousand. In other words, around 140 thousand people started investing in the company since last year alone.
In this case, this number of “individual investors” includes both individuals and legal entities, but is different from institutional investors – banks, funds or insurance companies that invest on behalf of third parties.
In addition, its shares also achieved the highest number of buy recommendations among major investment banks since Lula resumed the presidency of Brazil. Names such as BTG Pactual, Itaú BBA, Goldman Sachs and Morgan Stanley are among those recommending the oil company's shares.
Considering these points, is Petrobras really everyone’s “darling”, or do some people disagree?
Although it is recommended by major institutions, it is not unanimous. There are those who still prefer to leave it out of their recommendations.
Consensus around Petrobras (PETR4) 'is not necessarily good', says analyst
Ruy Hungria, an analyst at Empiricus Research, the BTG Pactual group's analysis firm, stated that a stock that is a consensus in the market “is not necessarily good for the investor. It is often a strong indication that a certain asset is already 'priced in'.” He added:
“We like Petrobras operationally speaking. But (with the shares traded) close to 4x the price/earnings ratio and with the political risks that always hang over the thesis, PETR4 seems to us well priced right now.”
Ruy also does not include Petrobras in his recommended monthly portfolio of actions for those seeking dividends in the bag. When asked why, he replied:
“The dividends are great, but the fact that the price is already at a fair level does not create a favorable asymmetry. It is better to (terms) cheap multiple and high yield. High yield with not so cheap multiple is 'less good'. It may make sense for some… but, in our portfolio, we understand that we have other assets with a better risk x return ratio.”
In short, investors need to think carefully about where to invest according to their profile and objectives, rather than following a “flow” just because it seems unanimous.
It's not Petrobras: Another oil company is recommended by Empiricus analysts
The portfolio for those seeking dividends recommended by Ruy Hungria does not include companies in the oil sector. Another Empiricus stock portfolio, prepared by analyst Larissa Quaresma, does include an oil company – but it is not Petrobras.
Both portfolios follow the criteria of seeking cheap, quality assets with potential for appreciation in the near future.
And the good news is that you can check out the full theses of these recommendations, along with all the main recommendations from Faria Lima analysts, for free.
Check out the main stock recommendations on the market
Money Times has curated a selection of main actions recommended at the moment among the big names in the financial market.
In addition to checking out the recommendations from Ruy Hungria and Larissa Quaresma, from Empiricus Research, you can compare them with the theses of firms such as:
- BTG Pactual;
- Itau BBA;
- Santander;
- among others.
Remembering that access to this content is 100% free. All you have to do is click this link or the button below. Happy investing!