Energy Business

Ken Heebner Keeps Up On Petrobras (PBR)

The esteemed Ken Heebner of CGM Funds came on CNBC after the coin toss announcement from the FOMC today and he has defended and reiterated his strong and solid views on Petroleo Brasileiro (NYSE: PBR), or Petrobras. 

This is a stock he has been behind for quite some time as of now, but he thinks it is headed much higher.  He believes that the new huge find they are sitting on could lead this one to grow 5 to 10 times over the first half of the next decade.  He noted how it is trading at 9-times forward earnings, with a huge discount to the S&P, and a solid value under the company.  He even gave it the equivalent of “I haven’t seen anything like it (the discount)” in his interview.

Shares of PetroBras are up over 3% at $68.39 on the day and the 52-week trading range is $24.375 to $77.61.

As far as what we think of Ken Heebner, let’s just say he is far more nimble and far more active than Warren Buffett as far as trading and investing are concerned.  Heebner’s got a better record of late, too.

Jon C. Ogg
June 25, 2008

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