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The 2014 Latin America Research Team: Oil, Gas & Petrochemicals, No. 2: Gustavo Gattass & team
Total appearances: 8
Team debut: 2007
Slipping from first place after three years,Gustavo Gattassand his BTG Pactual squad claim the No. 2 position on this lineup. The three Brazil-based analysts monitor 12 oil and gas players and retain a loyal following. The team leader possesses “unparallelled experience and depth of knowledge in the sector,” asserts one fan, adding that “even when he gets the stock calls wrong, his reasoning is sound.” Among the oil names, Petróleo Brasileiro, or Petrobras, “has been riding high on political expectations, on the potential that Argentina sorts its debt discussions,” says Gattass. For the remainder of the year, however, the researchers remain concerned about the outlook for that industry because “much of the political and macro goodwill could unwind,” he notes. The petrochemicals space is similarly worrying. “The unwinding of the currency weakness play in Brazil is hurting some stocks,” Gattass explains, “and tough market conditions in Mexico are keeping the rest under pressure.” He and his colleagues favor Pacific Hydro going forward. The Australia-based renewable energy provider maintains significant wind farm operations in Brazil through its Pacific Hydro Energia do Brasil subsidiary. “Its broad asset portfolio and execution track record make us keen on the asset,” he notes, “while we see room for transformational change in investor perception from the start-up of new fields and exploration success that is still possible this year.” The BTG squad also likes Brazilian exploration and production company QGEP Participaçoes, thanks to the potential of its newly appraised Atlanta field in the Santos Basin off the coast of Rio de Janeiro.