Brazilian Stock Movers: Cosan, HRT, Petrobras and Renova Energia

The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of the market close. Preferred shares are usually the most-traded class of stock.

The Bovespa (IBOV) Index was little changed at 57,166.55.

Cosan SA Industria & Comercio (CSAN3 BS), which controls the world’s largest sugar-cane processor with Royal Dutch Shell Plc, fell 2 percent to 31 reais. Deutsche Bank AG cut its recommendation to hold from buy, citing recent purchases. “We believe the stock will not outperform the market until the deals are finalized and the value creation becomes clear,” analysts including Alessandro Baldoni and Gustavo Gregori, wrote in a note to clients dated today.

HRT Participacoes em Petroleo SA (HRTP3 BS) fell 7.2 percent to 6.87 reais, reversing an earlier gain of as much as 4.6 percent. The oil and gas production company said it started drilling the well 1-HRT-9-AM on June 16, in Brazil’s Solimoes Basin. The operation will test the presence of hydrocarbons in an area located to the south of the Juruá Field in a possible extension of the gas trend recently confirmed by 1-HRT-5-AM, according to a regulatory filing after the market closed yesterday.

Petroleo Brasileiro SA (PETR4) (PETR4 BS) advanced 1.3 percent to 19.90 reais, the highest in a month. Petrobras, as the state- controlled oil company is known, will recommend fuel price increases of 15 percent in its business plan to be released June 25, newspaper O Estado de S. Paulo reported today, citing people it didn’t name. Petrobras won’t comment on the business plan until after announcing it publicly, the company’s press office said in an e-mailed response to questions.

Renova Energia SA (RNEW11) (RNEW11 BS) declined 1.3 percent to 30.99 reais, the lowest since April 18. The renewable sources electricity generator said in a regulatory filing it suspended a plan to convert common shares into preferred stock for as many as 15 days starting today.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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