By Jake Rudnitsky - 2012-05-31T12:08:01Z

Preferred shares of OAO Surgutneftegas, Russia’s fourth-largest oil producer, rose the most in more than three months as the ruble extended its slide.

The securities advanced as much as 5.2 percent, the most since Feb 24, before paring their gain to 3.9 percent at 16.56 rubles by 3:47 p.m. in Moscow.

“Surgut holds a massive cash pile estimated at between $25 billion and $30 billion, mostly denominated in dollars, so they are very sensitive to any changes in the ruble exchange rate,” said Constantine Cherepanov, an analyst at UBS AG in Moscow.

The ruble has weakened 11 percent this month to 33.1625 against the dollar, the biggest depreciation among more than 20 emerging-market currencies tracked by Bloomberg. The currency is trading above 33 for the first time since July 2009.

Surgut’s preferred shares dividend payout ratio is a fixed percent of net income, which will benefit from a weaker ruble, Cherepanov said.

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