1307 ET - Brazil's Petrobras takes an important step to please investors, UBS BB analysts write after the state-controlled oil company announced 20 billion reais ($3.4 billion) in extraordinary dividends to be paid this year. Petrobras approved a five-year strategic plan projecting up to $55 billion in extraordinary payments. Brazil's government is struggling to balance the budget, in an added incentive for Petrobras to ramp-up dividends, UBS BB says. "PBR remains as one of the best options in the sector," the analysts say. "Governance concerns and M&A risk will likely continue to be noises on the name, however we view the recent track record serve as checks." Petrobras ADR rises 5.3%. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
November 22, 2024 13:07 ET (18:07 GMT)
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