11:05 AM EST, 03/08/2024 (MT Newswires) -- Petrobras (PBR) shares tumbled by more than 10% in recent Friday trading as the stock plunged in Sao Paulo after the company's board approved a lower-than-expected Q4 dividend of 14.2 billion Brazilian reais ($2.85 billion), or 1.1 reais per share.

The Brazilian state-run oil company said in a filing Thursday that the payout is subject to approval by shareholders at the annual general assembly on April 25. If approved, it said the dividends for full year 2023 would total 72.4 billion reais.

The dividend is payable in two installments, with holders of the company's American depositary receipts on record as of April 29 to receive the first payment on May 28, followed by the second installment on June 27.

Analysts had expected $3.7 billion in Petrobras dividends for the quarter, based on Bloomberg's review of estimates by four analysts.

Petrobras said the proposed distribution is in line with the shareholder remuneration policy approved in July.

Price: 14.97, Change: -1.73, Percent Change: -10.34