Posted 3/11/2024, 7:30:00 PM
Petrobras Shares Plunge Over 10% as Dividend Plan Hits Snag, Prompting Downgrade
- Petrobras lost $14 billion in market value after disappointing investors by not paying out an expected special dividend
- CEO Jean-Paul Prates said Petrobras may still pay a special dividend, subject to a shareholder vote in April
- Prates denied reports that Brazil's president ordered board members to vote against the dividend
- Morgan Stanley downgraded Petrobras on dividend uncertainty, reducing its price target
- Petrobras shares dropped over 10% on Monday on the dividend news and downgrade