Petróleo Brasileiro S.A. – Petrobras (PBR) A Jim Simmons Top Dividend Stock to Buy Stemming Price Volatility and Pursuing Expansion

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the best dividend stocks to invest in, according to Jim Simons' Renaissance Technologies. On June 30, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) approved a mechanism that will limit gas price volatility.

The Brazilian state-run oil company has introduced floor and ceiling levels that will ensure Brent crude prices don't exceed or plunge below set price levels. The mechanism will ensure that the gas price does not increase by 6% for state distributors in August.

The mechanism will apply to all customers who choose to adopt it by amending their supply contracts. The new mechanism underscores Petroleo Brasileiro's response to evolving market conditions. It also comes at a time when Brazil is increasingly scaling back government fuel support.

Earlier on June 23, Petróleo Brasileiro entered into a non-binding memorandum of understanding with Petróleos Mexicanos to collaborate on oil exploration, production, and refining. The two companies are to collaborate on shallow- and deepwater operations in the Gulf of Mexico, as well as on refining natural gas and petrochemicals.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is a massive Brazilian state-owned multinational corporation in the petroleum industry. It specializes in the exploration, production, refining, and marketing of oil and natural gas, and is a world-renowned leader in deep and ultra-deepwater offshore drilling.

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