The Brazil-based state-run oil giant produced 2.83 million barrels of oil and equivalent natural gas per day last month, Reuters reports. The company's average oil output grew by 6% in May from April to 2.24 million barrels per day.
Petrobras stock is also being helped today as Brazil-based U.S. traded stocks get a boost from the rise in the South American country's market.
The Ibovespa advanced by 1.4% to 51,204.80 earlier this morning, with 52 of the index's 59 stocks trading in positive territory, Bloomberg reports.
The stock index popped as a rebound in Chinese imports improved the outlook for sales as China is Latin America's largest trading partner.
"As Brazil relies a lot on exports, any good news from China is always very good news for our companies," Paulo Figueiredo, an economist at asset management firm FN Capital told Bloomberg.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Petrobras stock. This is driven by multiple weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
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.
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.A