Petrobras Shares Plunge Over 10% After Smaller-Than-Expected Dividend Payout
• Petrobras shares plunge over 10%, erasing $14B in market cap after company pays small dividend • Investors expected a larger extraordinary dividend, but Petrobras only paid routine $2.9B dividend • Analysts downgrade stock on concerns new management focused less on shareholders, more on spending • Decision suggests government influence over Petrobras capital allocation to support policy agenda • Company posts beat on Q4 earnings, but dividend move raises perceptions of risk and government sway