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Also traded in: Argentina, Germany, USA

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash-to-Debt 0.32
PZE's Cash-to-Debt is ranked lower than
52% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.36 vs. PZE: 0.32 )
Ranked among companies with meaningful Cash-to-Debt only.
PZE' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.1  Med: 0.22 Max: 0.86
Current: 0.32
0.1
0.86
Equity-to-Asset 0.14
PZE's Equity-to-Asset is ranked lower than
92% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.48 vs. PZE: 0.14 )
Ranked among companies with meaningful Equity-to-Asset only.
PZE' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.14  Med: 0.4 Max: 0.6
Current: 0.14
0.14
0.6
Debt-to-Equity 1.61
PZE's Debt-to-Equity is ranked lower than
90% of the 63 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.49 vs. PZE: 1.61 )
Ranked among companies with meaningful Debt-to-Equity only.
PZE' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.2  Med: 0.88 Max: 1.72
Current: 1.61
0.2
1.72
Debt-to-EBITDA 4.45
PZE's Debt-to-EBITDA is ranked lower than
77% of the 57 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.76 vs. PZE: 4.45 )
Ranked among companies with meaningful Debt-to-EBITDA only.
PZE' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.58  Med: 1.5 Max: 4.45
Current: 4.45
0.58
4.45
Interest Coverage 0.24
PZE's Interest Coverage is ranked lower than
97% of the 60 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 9.60 vs. PZE: 0.24 )
Ranked among companies with meaningful Interest Coverage only.
PZE' s Interest Coverage Range Over the Past 10 Years
Min: 0.24  Med: 2.27 Max: 5.85
Current: 0.24
0.24
5.85
Altman Z-Score: 0.62
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating Margin % 6.28
PZE's Operating Margin % is ranked lower than
51% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.34 vs. PZE: 6.28 )
Ranked among companies with meaningful Operating Margin % only.
PZE' s Operating Margin % Range Over the Past 10 Years
Min: 1.46  Med: 9.24 Max: 51.27
Current: 6.28
1.46
51.27
Net Margin % 2.08
PZE's Net Margin % is ranked lower than
59% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 3.29 vs. PZE: 2.08 )
Ranked among companies with meaningful Net Margin % only.
PZE' s Net Margin % Range Over the Past 10 Years
Min: -0.04  Med: 5.86 Max: 43.13
Current: 2.08
-0.04
43.13
ROE % 2.83
PZE's ROE % is ranked lower than
61% of the 70 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.06 vs. PZE: 2.83 )
Ranked among companies with meaningful ROE % only.
PZE' s ROE % Range Over the Past 10 Years
Min: -0.12  Med: 7.06 Max: 33
Current: 2.83
-0.12
33
ROA % 0.84
PZE's ROA % is ranked lower than
64% of the 72 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 2.47 vs. PZE: 0.84 )
Ranked among companies with meaningful ROA % only.
PZE' s ROA % Range Over the Past 10 Years
Min: -0.02  Med: 3.57 Max: 11.44
Current: 0.84
-0.02
11.44
ROC (Joel Greenblatt) % 12.01
PZE's ROC (Joel Greenblatt) % is ranked higher than
71% of the 72 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 8.77 vs. PZE: 12.01 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
PZE' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 5.08  Med: 14.86 Max: 42.01
Current: 12.01
5.08
42.01
3-Year Revenue Growth Rate 33.40
PZE's 3-Year Revenue Growth Rate is ranked higher than
94% of the 66 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -12.30 vs. PZE: 33.40 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
PZE' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -9.9  Med: 17.9 Max: 55.6
Current: 33.4
-9.9
55.6
3-Year EBITDA Growth Rate 21.30
PZE's 3-Year EBITDA Growth Rate is ranked higher than
86% of the 58 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.10 vs. PZE: 21.30 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
PZE' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -19.3  Med: 26.4 Max: 43.4
Current: 21.3
-19.3
43.4
GuruFocus has detected 4 Warning Signs with Petrobras Argentina SA PZE.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» PZE's 30-Y Financials

Financials (Next Earnings Date: 2017-11-10)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

PZE Guru Trades in Q1 2016

Caxton Associates 20,749 sh (New)
Jim Simons 385,455 sh (-32.86%)
» More
Q2 2016

PZE Guru Trades in Q2 2016

Jim Simons 234,675 sh (-39.12%)
Caxton Associates 10,374 sh (-50.00%)
» More
Q3 2016

PZE Guru Trades in Q3 2016

Jim Simons 386,117 sh (+64.53%)
Caxton Associates 10,374 sh (unchged)
» More
Q4 2016

PZE Guru Trades in Q4 2016

Caxton Associates Sold Out
Jim Simons Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with PZE

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Business Description

Industry: Oil & Gas - Integrated » Oil & Gas Integrated    NAICS: 211111    SIC: 1311
Compare:ATH:ELPE, NYSE:QEP, TSE:5021, WAR:LTS, SAU:2380, SHSE:600256, KAR:MARI, XTER:CE2, SHSE:603003, NYSE:TK, NAS:TUSK, CAI:EKHO, BSE:SNP, SHSE:600248, KAR:NRL, PHS:PNX, TSE:9535, HKSE:00346, KUW:IPG, NYSE:ANW » details
Traded in other countries:PESA.Argentina, PT5A.Germany, PEFGF.USA,
Headquarter Location:Argentina
Petrobras Argentina SA engages in oil and gas exploration and production, refining and distribution, petrochemical manufacturing and gas and energy activities in Latin America.

Petrobras Argentina engages in oil and gas exploration and production, refining and distribution, petrochemical manufacturing, and gas and energy activities in Latin America. In 2010, the firm produced 102,200 barrels of oil equivalent per day (50% oil) and had proven reserves of 250 million barrels of oil equivalent (43% oil). Petroleo Brasileiro (Petrobras) owns 67.2% of Petrobras Argentina's outstanding shares.

Guru Investment Theses on Petrobras Argentina SA

Brandes Investment Trust Comments on Petrobras - Jan 05, 2016

Among the names above, Petrobras hurt returns the most. The company’s shares continued to suffer as a result of a number of factors, including the economic situation in Brazil, a corruption scandal and a recent debt downgrade. While we recognize that the risks to our investment continue to be elevated given Petrobras’ levered balance sheet, high incremental funding needs over the next five years, current low oil price and the uncertain political environment in Brazil, we believe the risk/reward tradeoff remains attractive at the company’s current valuation. Over the longer term, we see a number of reasons for optimism, including:




  • Petrobras (NYSE:PZE) continues to have a tremendous and valuable asset base. Our analysis suggests that the market is valuing Petrobras’ proven resource base at a substantial discount to our estimate of its true worth.




  • In recent months, the company has announced a medium-term strategy with specific plans to improve its balance sheet, including cutting capital expenditures and using asset sales to reduce leverage. Additionally, governance and transparency appear to be improving.




  • Petrobras recently instituted a much needed increase in domestic gasoline and diesel prices. The move contributed to the recent profitability and positive cash flows for the company’s downstream segment, and alleviated pressure from weakness in the Brazilian real of late. Furthermore, this event helped ease concerns that the Brazilian government would forbid fuel-price increases.




  • Increased production from the company’s pre-salt assets (large oil basins in deep waters off Brazil’s coast) could improve upstream profitability over the long term.




  • We believe additional capital expenditure cuts are possible if oil prices decline further and/or the economic situation in Brazil deteriorates.



From the Brandes International Equity Fund letter for the year ended Sept. 30, 2015.



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Dodge & Cox Comments on Petrobras - Nov 19, 2015

Petrobras (NYSE:PZE) is the leading producer of oil and gas in Brazil, accounting for roughly 90% of Brazil’s oil production. In 2014, its stock price declined approximately 50% due to a corruption scandal involving kickbacks on procurement contracts, a weakening Brazilian Real, and increasing debt from years of outspending its cash flow. The lower oil price environment and high financial leverage have raised concerns about the viability of funding growth through additional borrowings. The CEO and other senior executives resigned earlier this year and were replaced with a new management team. Investors are skeptical about the company’s ability to rectify its problems and grow production. As a result, it trades at 2.6 times 2015 estimated operating cash flow and at a substantial discount to its net asset value, well below historical levels and that of its peers.



Despite this perfect storm of challenges, the company managed to grow production in the first half of 2015 compared to the first half of 2014. This growth was driven by the company’s leading position in the deepwater fields, also known as “pre-salt,” of the Santos Basin, which is one of the Western Hemisphere’s largest oil discoveries in 30 years. These fields are prolific, low-cost, and should enable Petrobras to maintain or grow production over the long term. In addition to possessing excellent reserves, Petrobras has improved corporate governance: the company hired two independent investigative firms and meaningfully revamped internal governance structures. The new management team is displaying more discipline on capital spending; it has announced plans to reduce capital expenditures by 37% and focus on the company’s most profitable exploration and production projects. Combined with a large scale divestiture program, these efforts should lead to a stronger balance sheet.



After meeting with the new management team in Brazil, along with government officials and industry experts, we decided to add to Petrobras in the second quarter of 2015. We believe the company’s growth prospects and ability to overcome its current challenges are not reflected in its compelling valuation today. On June 30, Petrobras was a 1.5% position in the Fund.



From Dodge & Cox International Stock Fund second quarter 2015 commentary.



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Ratios

vs
industry
vs
history
PE Ratio 25.12
PZE's PE Ratio is ranked lower than
69% of the 55 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 11.33 vs. PZE: 25.12 )
Ranked among companies with meaningful PE Ratio only.
PZE' s PE Ratio Range Over the Past 10 Years
Min: 3.88  Med: 13.37 Max: 55.86
Current: 25.12
3.88
55.86
PE Ratio without NRI 25.38
PZE's PE Ratio without NRI is ranked lower than
69% of the 55 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 12.35 vs. PZE: 25.38 )
Ranked among companies with meaningful PE Ratio without NRI only.
PZE' s PE Ratio without NRI Range Over the Past 10 Years
Min: 3.88  Med: 14.19 Max: 82
Current: 25.38
3.88
82
Price-to-Owner-Earnings 30.47
PZE's Price-to-Owner-Earnings is ranked lower than
76% of the 33 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 14.40 vs. PZE: 30.47 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
PZE' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.68  Med: 16.27 Max: 558
Current: 30.47
3.68
558
PB Ratio 4.28
PZE's PB Ratio is ranked lower than
97% of the 70 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.19 vs. PZE: 4.28 )
Ranked among companies with meaningful PB Ratio only.
PZE' s PB Ratio Range Over the Past 10 Years
Min: 0.51  Med: 1.02 Max: 4.28
Current: 4.28
0.51
4.28
PS Ratio 1.89
PZE's PS Ratio is ranked lower than
80% of the 70 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.85 vs. PZE: 1.89 )
Ranked among companies with meaningful PS Ratio only.
PZE' s PS Ratio Range Over the Past 10 Years
Min: 0.41  Med: 0.88 Max: 12.94
Current: 1.89
0.41
12.94
Price-to-Operating-Cash-Flow 9.35
PZE's Price-to-Operating-Cash-Flow is ranked lower than
73% of the 48 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 5.84 vs. PZE: 9.35 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
PZE' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 2.07  Med: 4.66 Max: 15.6
Current: 9.35
2.07
15.6
EV-to-EBIT 24.07
PZE's EV-to-EBIT is ranked lower than
80% of the 56 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 11.96 vs. PZE: 24.07 )
Ranked among companies with meaningful EV-to-EBIT only.
PZE' s EV-to-EBIT Range Over the Past 10 Years
Min: 3  Med: 8.7 Max: 145
Current: 24.07
3
145
EV-to-EBITDA 15.63
PZE's EV-to-EBITDA is ranked lower than
85% of the 61 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.92 vs. PZE: 15.63 )
Ranked among companies with meaningful EV-to-EBITDA only.
PZE' s EV-to-EBITDA Range Over the Past 10 Years
Min: 2  Med: 5 Max: 15.63
Current: 15.63
2
15.63
EV-to-Revenue 3.81
PZE's EV-to-Revenue is ranked lower than
85% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.22 vs. PZE: 3.81 )
Ranked among companies with meaningful EV-to-Revenue only.
PZE' s EV-to-Revenue Range Over the Past 10 Years
Min: -3.4  Med: 1.1 Max: 3.8
Current: 3.81
-3.4
3.8
Shiller PE Ratio 66.99
PZE's Shiller PE Ratio is ranked lower than
96% of the 25 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 12.00 vs. PZE: 66.99 )
Ranked among companies with meaningful Shiller PE Ratio only.
PZE' s Shiller PE Ratio Range Over the Past 10 Years
Min: 12.9  Med: 24 Max: 66.99
Current: 66.99
12.9
66.99
Current Ratio 0.77
PZE's Current Ratio is ranked lower than
87% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.28 vs. PZE: 0.77 )
Ranked among companies with meaningful Current Ratio only.
PZE' s Current Ratio Range Over the Past 10 Years
Min: 0.64  Med: 1.16 Max: 2
Current: 0.77
0.64
2
Quick Ratio 0.66
PZE's Quick Ratio is ranked lower than
75% of the 71 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.96 vs. PZE: 0.66 )
Ranked among companies with meaningful Quick Ratio only.
PZE' s Quick Ratio Range Over the Past 10 Years
Min: 0.57  Med: 1.03 Max: 1.68
Current: 0.66
0.57
1.68
Days Inventory 49.80
PZE's Days Inventory is ranked lower than
72% of the 68 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 34.62 vs. PZE: 49.80 )
Ranked among companies with meaningful Days Inventory only.
PZE' s Days Inventory Range Over the Past 10 Years
Min: 26.03  Med: 42.43 Max: 100.44
Current: 49.8
26.03
100.44
Days Sales Outstanding 197.41
PZE's Days Sales Outstanding is ranked lower than
95% of the 63 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 36.28 vs. PZE: 197.41 )
Ranked among companies with meaningful Days Sales Outstanding only.
PZE' s Days Sales Outstanding Range Over the Past 10 Years
Min: 39.33  Med: 60.72 Max: 197.41
Current: 197.41
39.33
197.41
Days Payable 253.89
PZE's Days Payable is ranked higher than
91% of the 44 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 55.85 vs. PZE: 253.89 )
Ranked among companies with meaningful Days Payable only.
PZE' s Days Payable Range Over the Past 10 Years
Min: 62.15  Med: 73.63 Max: 319.93
Current: 253.89
62.15
319.93

Buy Back

vs
industry
vs
history
5-Year Yield-on-Cost % 1.13
PZE's 5-Year Yield-on-Cost % is ranked lower than
99.99% of the 136 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 8.48 vs. PZE: 1.13 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
PZE' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.58  Med: 2.58 Max: 8.94
Current: 1.13
0.58
8.94

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 5.22
PZE's Price-to-Tangible-Book is ranked lower than
97% of the 69 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.30 vs. PZE: 5.22 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
PZE' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.61  Med: 1.1 Max: 5.22
Current: 5.22
0.61
5.22
Price-to-Intrinsic-Value-Projected-FCF 4.81
PZE's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
95% of the 40 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.92 vs. PZE: 4.81 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
PZE' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.54  Med: 0.92 Max: 4.81
Current: 4.81
0.54
4.81
Price-to-Median-PS-Value 2.16
PZE's Price-to-Median-PS-Value is ranked lower than
86% of the 66 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.07 vs. PZE: 2.16 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
PZE' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.55  Med: 1.23 Max: 9.29
Current: 2.16
0.55
9.29
Price-to-Graham-Number 2.42
PZE's Price-to-Graham-Number is ranked lower than
99.99% of the 48 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.86 vs. PZE: 2.42 )
Ranked among companies with meaningful Price-to-Graham-Number only.
PZE' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0  Med: 0.77 Max: 2.7
Current: 2.42
0
2.7
Earnings Yield (Greenblatt) % 4.15
PZE's Earnings Yield (Greenblatt) % is ranked lower than
63% of the 72 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.09 vs. PZE: 4.15 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
PZE' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.7  Med: 11.5 Max: 33.2
Current: 4.15
0.7
33.2
Forward Rate of Return (Yacktman) % 10.09
PZE's Forward Rate of Return (Yacktman) % is ranked higher than
72% of the 46 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -9.33 vs. PZE: 10.09 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
PZE' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 0.5  Med: 15.6 Max: 41.9
Current: 10.09
0.5
41.9

More Statistics

Revenue (TTM) (Mil) $998.11
EPS (TTM) $ 0.78
Beta1.21
Short Percentage of Float0.00%
52-Week Range $4.66 - 13.57
Shares Outstanding (Mil)201.92 (ADR)

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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