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Petroleo Brasileiro(PBR - Get Report) is an integrated oil and gas company operating in five business segments: exploration and production; refining, transportation and marketing; distribution; gas and power, and international. The stock gained 12.2% during the last one month.
Of the 17 analysts covering the stock, 59% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. Analysts polled by
Bloomberg foresee the stock gaining an average 9.8% to $44.4 in the upcoming 12 months.
The company said 2010 fourth quarter was a milestone in its history, as net income grew 38% to $6.4 billion. For full-year 2010, net income increased 17%. During the same quarter, the company cut down expenses by $300 million as it reduced its exploration costs. For the first time in Dec. 2010, the company's daily production in Brazil exceeded 2 million barrels, securing its production target.
In 2011, the company expects key developments with 12 rigs working in the Lula Pilot area by the end of the year. Drilling of another 20 wells, almost double that forecasted earlier, will be completed soon. Moreover, the company expects to complete its gas infrastructure by the first half of 2011.