Petrokonkavo (RECV3Thursday evening (3) announced the cancellation of the injunction that paralyzed the negotiations of contractual agreements with Petrobras (PETR3;PETR4) in reference to the Bahia Terra Pole. Negotiations were suspended in early June.
The news was considered very positive for Petroconcavo. As a result, the assets of RECV3 on Friday (fourth) rose 8.80% to R$36.11 after a cap of 10.66% (R$36.66). XP Investimentos believes that the acquisition could be a revolutionary deal, significantly increasing volume and providing new opportunities to increase the oil company’s exposure in the midstream sector.
“In addition, given the physical proximity to the fields, the asset can be strategic, as it allows for synergistic advantages,” XP adds.
For Itaú BBA, the resumption of negotiations on the Polo Bahia Terra is positive for PetroRecôncavo and could be a turning point for the oil company’s growth.
BBA analysts estimate the net present value (NPV) between R$13.80 and R$15.80 per share in Bahia Terra, taking into account the secondary benefits of oil liquefaction in Remanso and Miranga.
US bank Morgan Stanley believes that negotiations are moving forward and expects to announce the signing soon, which could add more than 30% to the fair value of the oil company’s stake.
Itaú BBA reiterates its outperformance rating (performance above market average, equivalent to buying) and target price of R$39, without considering a Polo Bahia Terra purchase, representing a potential upside of 17.5% against Thursday’s closing quotation price (3) From R$33.19. XP Investimentos also holds a buy recommendation for PetroRecôncavo, with a target price of R$33.80.
Morgan Stanley maintains a neutral recommendation for PetroRecôncavo shares, with a target price of R$33.
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