PETROLEO BRASIL/ADR (NYSE: PBR) is having an overwhelmingly strong start to the trading session this morning after minority shareholders released a press release announcing the naming of new candidates to represent them on the board, replacing board members that were announced last month. With the board changes in mind, investors are excited, sending the stock screaming for the top. Today, we’ll talk about:
- The new board candidates;
- what we’re seeing from the stock as a result of the news;
- and what we’ll be watching for with regard to PBR ahead.
PBR Gains On Board Candidates
As mentioned above, Brazil’s state-controlled oil company, PETROLEO BRASIL is having a strong start to the session this morning after minority shareholders named new board candidates to represent them. These shareholders include Fundo de Investimento em Acoes Dimanica Energia and Banclass Fundo de Investimento em Acoes, as well as various individual shareholders.
According to the release by these shareholders, they have nominated Marcelo Gasparino da Silva and Jose Pais Rangel to represent them on the PBR Board of Directors. This news follows an announcement on March 26th when the company said shareholders Leblon Acoes Master FIA, Leblon Icatu Previdencia and Ataulfo LLC, had nominated Marcelo Mesquita for re-election to represent ordinary shareholders as well as Sonia Julia Sulzbeck Villalobose to represent minority preferred shareholders.
What We’re Seeing From The Stock
Investors are clearly in favor of the many recent changes that we’ve seen to the PETROLEO BRASIL Board of Directors, including today’s announcement. This favorable opinion can be seen in the positive movement in the value of the stock. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:26), PBR is trading at $14.33 per share after a gain of $0.70 per share or 5.14% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PBR. In particular, we’re interested in watching to see what effect on the company these board changes have. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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