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Brazilian (BOVESPA) Oil and Gas Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies6
  • 7D-0.7%
  • 3M-6.6%
  • 1Y-16.7%
  • YTD-17.0%

Over the last 7 days, the Oil and Gas industry has dropped 1.5%, driven by Refinaria de Petróleos de Manguinhos declining 1.4%. Overall the industry is down 15% in 12 months. As for the next few years, earnings are expected to grow by 2.0% per annum.

Industry Valuation and Performance

Has the Brazilian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025R$456.5bR$528.7bR$87.5b5.1x5.2x0.9x
Fri, 21 Nov 2025R$480.3bR$528.7bR$87.5b5.3x5.5x0.9x
Sun, 19 Oct 2025R$437.7bR$498.9bR$81.4b5x5.4x0.9x
Tue, 16 Sep 2025R$506.0bR$673.3bR$71.2b5.8x7.1x0.8x
Thu, 14 Aug 2025R$485.6bR$708.8bR$79.8b5.7x6.1x0.7x
Sat, 12 Jul 2025R$516.1bR$712.6bR$49.8b8.3x10.4x0.7x
Mon, 09 Jun 2025R$477.2bR$712.6bR$49.8b7.7x9.6x0.7x
Wed, 07 May 2025R$480.8bR$701.6bR$38.1b8.4x12.6x0.7x
Fri, 04 Apr 2025R$567.9bR$701.6bR$38.1b9.3x14.9x0.8x
Sun, 02 Mar 2025R$563.0bR$697.9bR$46.1b7.7x12.2x0.8x
Tue, 28 Jan 2025R$583.4bR$708.9bR$94.4b7.1x6.2x0.8x
Thu, 26 Dec 2024R$578.5bR$708.9bR$94.4b7x6.1x0.8x
Sat, 23 Nov 2024R$597.5bR$708.9bR$94.4b8x6.3x0.8x
Mon, 21 Oct 2024R$593.9bR$699.8bR$89.1b8x6.7x0.8x
Wed, 18 Sep 2024R$605.3bR$699.8bR$89.1b8.9x6.8x0.9x
Fri, 16 Aug 2024R$629.4bR$699.7bR$89.1b9.1x7.1x0.9x
Sun, 14 Jul 2024R$621.2bR$685.3bR$119.4b9.9x5.2x0.9x
Tue, 11 Jun 2024R$587.9bR$685.2bR$119.6b9.4x4.9x0.9x
Thu, 09 May 2024R$669.3bR$705.0bR$133.5b12x5x0.9x
Sat, 06 Apr 2024R$657.4bR$925.9bR$137.5b8.7x4.8x0.7x
Mon, 04 Mar 2024R$688.8bR$948.3bR$147.6b8.7x4.7x0.7x
Wed, 31 Jan 2024R$702.4bR$953.1bR$146.7b9.8x4.8x0.7x
Fri, 29 Dec 2023R$664.3bR$953.1bR$146.7b10.3x4.5x0.7x
Sun, 26 Nov 2023R$634.3bR$953.1bR$147.0b10x4.3x0.7x
Tue, 24 Oct 2023R$631.7bR$1.0tR$164.8b12.6x3.8x0.6x
Thu, 21 Sep 2023R$625.6bR$1.0tR$164.8b13x3.8x0.6x
Sat, 19 Aug 2023R$580.7bR$1.0tR$163.8b10.1x3.5x0.6x
Mon, 17 Jul 2023R$557.1bR$1.1tR$190.4b10x2.9x0.5x
Wed, 14 Jun 2023R$540.0bR$1.1tR$190.4b8.3x2.8x0.5x
Fri, 12 May 2023R$481.9bR$1.1tR$196.1b9.9x2.5x0.4x
Sun, 09 Apr 2023R$453.7bR$1.1tR$195.3b9.6x2.3x0.4x
Tue, 07 Mar 2023R$487.2bR$1.1tR$195.0b10x2.5x0.4x
Thu, 02 Feb 2023R$493.9bR$1.0tR$184.7b12.5x2.7x0.5x
Sat, 31 Dec 2022R$483.9bR$1.0tR$184.7b12.8x2.6x0.5x
Price to Earnings Ratio

2.6x


Total Market Cap: R$483.9bTotal Earnings: R$184.7bTotal Revenue: R$1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Oil and Gas Industry Price to Earnings3Y Average 5.7x202320242025
Current Industry PE
  • Investors are relatively neutral on the Brazilian Oil and Gas industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 5.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.71x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 22% per year over the last three years,
  • Revenues have also declined 20% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Brazilian Energy industry?

BR Market-0.59%
Energy-0.74%
Oil and Gas-0.74%
Oil and Gas Exploration and Production6.14%
Oil and Gas Storage and Transportation0%0
Oil and Gas Refining and Marketing-1.39%
Integrated Oil and Gas-1.40%
Industry PE
  • Investors are most optimistic about the Integrated Oil and Gas industry, which is trading close to its 3-year average PE ratio of 5.1x.
    • Analysts are expecting annual earnings growth of 1.6%, which is higher than its past year's earnings decline of 8.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 5.4% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
PRIO3 PrioR$40.424.9%
+R$1.5b		3.0%PE3.3x
BRAV3 Brava EnergiaR$15.7611.9%
+R$780.4m		-17.6%PE7.5x
RECV3 PetroreconcavoR$11.116.7%
+R$205.1m		-27.2%PE5.2x
AZTE3 Azevedo & Travassos EnergiaR$0.425.0%
+R$6.8m		n/an/a

Latest News

PRIO3
R$40.42
Prio
7D
4.9%
1Y
3.0%

PRIO3: Future Earnings Will Balance Stronger Revenue With Lower Margin Expectations

Analysts have modestly reduced their price target on Prio, trimming fair value from about $45.00 to roughly $41.50 as they factor in a slightly lower assumed profit margin and valuation multiple, partly offset by improved long term revenue growth expectations and a lower discount rate. Analyst Commentary Bearish analysts emphasize that the latest trim to Prio's fair value reflects a more guarded stance on profitability and the sustainability of recent operational gains.
BRAV3
R$15.76
Brava Energia
7D
11.9%
1Y
-17.6%

BRAV3: New CFO And Higher Risk Outlook Will Shape Future Prospects

Analysts have revised their price target for Brava Energia down from 18.00 to 15.80, reflecting more conservative assumptions around revenue growth, profit margins, and an increased discount rate, even though the stock still appears attractive based on a lower forward P/E multiple. What's in the News Brava Energia's Board of Directors confirmed the election of Mr. Luiz Carvalho as Chief Financial Officer at a meeting held on November 14, 2025 (company board meeting minutes).
RECV3
R$11.11
Petroreconcavo
7D
6.7%
1Y
-27.2%

RECV3 Will Offer Attractive Upside Despite Slightly Softer Profitability Outlook

Analysts have trimmed their price target on Petroreconcavo from approximately R$21.51 to R$18.70, citing slightly more conservative assumptions for long term revenue growth, profit margins and valuation multiples. Valuation Changes The Fair Value Estimate has been trimmed from approximately R$21.51 to R$18.70, representing a modest downward revision in the intrinsic value per share.
RPMG3
R$2.13
Refinaria de Petróleos de Manguinhos
7D
-1.4%
1Y
-20.8%
AZTE3
R$0.42
Azevedo & Travassos Energia
7D
5.0%
1Y
n/a