Posted 3/8/2024, 5:30:00 PM
Petrobras Shares Plunge 10% as Company Slashes Dividend Payout by $3 Billion
- Petrobras' market value dropped $14 billion after reducing its dividend payout
- Investors expected a special year-end dividend of $3-4 billion on top of the $2.9 billion regular dividend
- CEO announced only the routine $2.9 billion dividend would be paid out
- Analysts said lower payout signals investors should expect minimal dividends from Petrobras going forward
- Petrobras shares plunged 10% on Friday, also dragging down Brazil's benchmark stock index