NEW YORK (TheStreet) -- Shares of Petrobras (PBR) - Get Report were up in pre-market trading on Tuesday as Brazil's state-run oil company will partner with Norway's Statoil (STO) to evaluate cooperation in future tenders and in Brazilian producing fields.
"Statoil has very high levels of oil recovery in their producing fields," Petrobras CEO Pedro Parente said in a statement. "We will have access to this experience and know-how through a partner, with obvious benefits for both sides."
The agreement has a horizon of two years, according to a statement by Statoil.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.
Petrobras's weaknesses include its generally high debt management risk, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share.
You can view the full analysis from the report here: PBR
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 article's author.