Petrobras (PBR) Stock Rising on Bond Reopening, Rallying Oil Prices
NEW YORK (TheStreet) -- Shares of Petrobras (PBR) - Get Report are up 7% to $7.49 today after the company announced this morning that it would reopen global 2021 and 2026 bonds for new issues.
According to a securities filing, the Brazil state-owned oil company will institute a new buyback program of old notes that could reach $2 billion.
Petrobras stock is gaining alongside rising oil prices today.
Crude oil (WTI) is up 1.37% to $48.08 per barrel and Brent crude is up 1.19% to $49.38 per barrel.
After tumbling earlier this week, oil is making a slight rebound as the dollar weakens and U.S. inventories in crude oil fall, Reuters reports.
Earlier this week, Petrobras stock struggled as the company announced that it would sell nine small oil fields to help reduce its debt.
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: PBR
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.