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# Petrobras: I Was Wrong, And I'm Changing My Mind (Archive)
- URL: https://www.huntingalphas.com/petrobras-i-was-wrong-and-im-changing-my-mind-archive/
- Published: 2023-04-12T07:52:00.000Z
- Updated: 2026-02-26T15:38:57.000Z
- Description: Revising Petrobras from strong sell to hold as oil dynamics overturn my thesis.
- Author: Vish (Hunting Alphas)
- Tags: 5-Minute Pitches, #noindex, Archive, #sa-origin, PBR, Energy

*This 5-Minute Pitch was originally published on Seeking Alpha before the launch of the Hunting Alphas website. It is shared here to showcase my previous work and track record. New 5-Minute Pitches published on this site will not be disseminated anywhere else.*

## Elevator Pitch

- One main driver dictates Petrobras' stock price and that is the oil price. Petrobras' stock price and West Texas Intermediate oil prices have a statistically significant correlation coefficient of 0.73.
- I first wrote about Petrobras in January with a sell bias due to concerns about the company's strategy and management's alignment with minority shareholders.
- The stock fell and I believe I got overconfident as I downgraded it into a 'strong sell' almost a month ago based primarily on a bearish outlook of oil prices.
- But with OPEC+'s recent production cuts, and leading signs of a rebound in Chinese manufacturing activity, my view on oil has turned topsy-turvy.
- This leads to revising my view on Petrobras from a 'strong sell' to a 'hold'. I recognize the buy-side of the argument but personally, it is still not a buy as I am uncomfortable with the company's strategy and alignment with minority shareholders.

Read the full article [here](https://seekingalpha.com/article/4593596-petrobras-i-was-wrong-im-changing-my-mind?ref=huntingalphas.com).

#### Disclosures and Disclaimers

**Past performance ≠ future results. Not investment advice. See* [**full Disclaimer*](https://www.huntingalphas.com/disclaimer/)**.*