Top 5 Stock Picks of Jon Bauer’s Contrarian Capital

3. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Contrarian Capital Stake Value: $91,971,000
Percentage of Contrarian Capital’s 13F Portfolio: 13.61%
Number of Hedge Fund Holders: 25

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), a worldwide integrated oil and gas company, reported crude oil output of 2.269 million barrels per day, up 1.9% from the second quarter of 2021 and down 4% from the third quarter of 2020. The company stands third on the list of top 10 stock picks of Jon Bauer’s Contrarian Capital.

Petróleo Brasileiro S.A. announced a 7.2% increase in wholesale gasoline and cooking gas prices in October, as high energy costs worsened Brazil’s most tremendous inflation since 1994. In the second quarter, Jon Bauer increased his stake in Petróleo Brasileiro S.A. by 29%, and his 13.61% stake in the company is now worth about $91.97 million.

Petróleo Brasileiro S.A. saw a decrease in hedge fund sentiment recently. The number of long hedge fund positions declined to 25 at the end of the second quarter compared to 27 positions in the previous quarter. GQG Partners, with 138.95 million shares, is the most significant stakeholder in the company.