The stock chart of Petroleo Brasileiro SA (PBR), also known as Petrobras, has deteriorated, hence I'm placing a hold on the company's shares, first recommended, on April 22, 2009, at a price of $32.99. 
Insurance companies have $12 billion in indirect investments related to Iran, according to California Insurance Commissioner Steve Poizner -- and he wants them to stop. He's pushing insurers in his state to divest, and the perspective is gaining popularity: his counterpart in Florida thinks the policy should go national.
Kevin McCarty, commissioner in Florida, said to National Underwriter, "I have consulted with other state insurance commissioners to evaluate the practicality of developing a national initiative similar to the undertaking by the California Department of Insurance." He's already contacted the National Association of Insurance Commissioners' Securities Valuation Office to figure out "the feasibility of leveraging national resources to review the financial statements of national insurers to determine their exposure to companies with operations in Iran."
Continue reading California insurance commissioner chases indirect investments in Iran
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.
It's goes without saying that I favor integrated oil plays, particularly those with a product or regional advantage. Therefore, I'm Reiterating my Buy rating for Petroleo Brasileiro SA (NYSE: PBR), also known as Petrobras, first recommended on April 23, 2009 at a price of $32.99. If you purchased PBR at that time, you're up a nice 30%. | # | Blogger | Posts | Cmts |
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| 1 | Joseph Lazzaro | 115 | 0 |
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| 11 | Melly Alazraki | 21 | 0 |
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| 15 | Zac Bissonnette | 18 | 0 |
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| 17 | Elizabeth Harrow | 17 | 0 |
| 18 | Michael Fowlkes | 13 | 0 |
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| 20 | Jeff Reeves | 10 | 0 |
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