Petroreconcavo (Recv3) produces less oil in June; See numbers

THE Petroreconcavo (Recv3) produced 26.9 thousand equivalent barrels of oil In June, a 1.8% drop from May, shows a document sent to the market on Tuesday (8).

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According to the company, the number was impacted by the 3.2% reduction in the total production of Bahia assets, mainly from the stop in the Cassarongongo Campo for seven days.

• READ MORE: What actions is worth investing in? See BTG Pactual’s recommendations as courtesy of Money Times

In Potiguar asset, the production was 13.5 thousand boe/day, remaining stable compared to the previous month.

Time to buy action?

For the crop, no.

In this Tuesday’s report, the bank cut off the purchase recommendation for neutral, with a reduction in the target price from $ 26 to $ 17.

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The main reason was the lowest potential for valuing the action against peers, in an oil environment pressured by the largest global offer, especially from OPEC+.

Nevertheless, the bank recognizes that the company has a good cashier and mild capital structurewhat can translate into dividends attractive to shareholders.

Payment of above -expected earnings is seen as the main risk of discharge for action.

With Juliana Caveiro