NEW YORK (TheStreet) -- Shares of Petrobras (PBR) - Get Report were dropping in mid-afternoon trading on Wednesday as oil prices sank and Brazilian president Dilma Rousseff was removed from office after an impeachment trial.
Senators voted 61-20 to convict Rousseff for illegally using money from state banks to raise public spending, Reuters reports.
Rousseff's former vice president Michel Temer, the acting president since her suspension in May, will serve the rest of her term through 2018, Reuters added.
Additionally, lower oil prices are weighing on Petrobras stock today.
Crude oil (WTI) was slumping 3.65% to $44.66 per barrel and Brent crude was falling 2.87% to $46.98 per barrel this afternoon.
The state-owned oil and gas company is based in Rio de Janeiro.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share.
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.
You can view the full analysis from the report here: PBR