Petrobras shares continue to ascend

Filed under: Stocks to Buy, Petroleo Brasileiro (PBR)

It goes without saying that the investment strategy advocated here favors integrated oil companies, particularly those with a regional or product advantage. And with the aforementioned in mind, I'm reiterating my buy rating for Petroleo Brasileiro SA (PBR), also known as Petrobras, first recommended on April 22, 2009, at a price of $32.99. If you bought PBR in April, you're up an impressive 47%.

Petrobras remains on-track for 5% to 6% oil/natural gas production growth for FY2009 or about 2.54 million barrels of oil equivalent per day; longer-term, a roughly 7% to 7.5% average annual production increase is seen for 2010 to 2013.

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Petrobras shares continue to ascend originally appeared on BloggingStocks on Sat, 07 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

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