Why Traders Are Talking About Chevron, Adobe, Petrobras, and More

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), Eni SpA (ADR) (NYSE:E), and Chevron Corporation (NYSE:CVX) are trending after various media outlets reported that Nigeria is suing the three energy companies, in addition to several others, for a grand total of $12.7 billion for illegally exporting crude to the United States between 2011 and 2014. According to sources close to the case, Nigeria is accusing Chevron, Eni, Petrobras, and others of not declaring more than 57 million barrels of crude exports during that time.

Given that the government of Nigeria is under intense financial pressure from the low crude prices, any extra fees resulting from the lawsuit would certainly help the country’s fiscal situation. A formal trial for the case will begin next week. According to our database of 749 successful funds who filed 13Fs for the June 30 reporting period, the smart money liked Chevron Corporation (NYSE:CVX) the most out of the three energy stocks, as 47 funds reported holding long stakes in the company as of the end of June.

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) was next, with 23 funds long its shares at the end of June, while Eni SpA (ADR) (NYSE:E) was last with just six funds tracked by Insider Monkey owning shares of the company at the end of the second quarter.

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