QGEP maintains transparent and agile communication with the market through disclosure of results, notifications and material facts. In these documents, the Company seeks to be clear and precise in relation to information provided, minimizing doubts and different interpretations among investors and market analysts. The intent is therefore to prevent additional risks from being created that could affect the volatility of stocks in a segment which is, by its nature, less predictable than some other industries. In 2013, a multidisciplinary work group was created to assess reports, analyzing the content of documents disclosed and classifying them as notifications or material facts.

In line with the behavior of most of the emerging markets, especially in the oil and gas industry, QGEP ended the year with a market value of BRL2.6 billion, with shares (QGEP3) trading at BRL9.78, which represents a depreciation of 25.5% in 2013. In the same period, Ibovespa had a negative return of 17.7%. Among the main factors impacting the Company’s sector of operation, the following are worth mention: controlled fuel prices; financial problems faced by some Brazilian companies in the industry; and less interest from some investors in the industry. The average daily financial volume traded was BRL7.5 million and the average price per share was BRL11.67.


VARIATION IN QGEP TRADING PRICES AND PEERS (BASE 100) – 2013


Throughout the period, the Company saw changes to the makeup of its shareholder base; particularly noticeable was the increased participation of Brazilian investors, who held 55% of shares at the close of 2013 compared to 41% at the end of the previous year. Also during this period, 4 more investment analysts from national and foreign brokerage firms and banks initiated coverage of the Company’s stock. With this, 20 analysts were covering QGEP at the end of the year, with 17 of them recommending purchase of Company shares and 3 recommending maintaining shares, with an average per share target price of BRL16.70.



QGEP’s Articles of Incorporation establish the following rules for earmarking income:

  • Five percent of net earnings obtained in the fiscal year will be deducted to constitute the legal reserve until this reserve reaches 20% of company capital.
  • Of the remaining amount, shareholders are assured a minimum dividend of 0.001% on earnings gained, pursuant to the Publically Traded Corporations Act (Lei das Sociedades por Ações).
  • Any remaining balance of net earnings for the fiscal year will be earmarked according to deliberations at the Shareholders’ Meeting.

In relation to 2013 net income, the Board of Directors proposed distributing BRL40 million in dividends, corresponding to approximately BRL0.16 per share. This proposal was submitted to the Shareholders’ Meeting for approval in April 2014.