Petrobras (PBR) Stock Jumps as Oil Rallies, Q1 Results Due Thursday
NEW YORK (TheStreet) -- Petrobras (PBR) - Get Report shares are higher by 2.18% to $7.52 on Wednesday afternoon along with increasing oil prices after the Energy Information Administration (EIA) report earlier today showed an unexpected decline in inventories last week.
Crude stockpiles fell 3.4 million barrels last week, while analysts were anticipating a build of 714,000 barrels.
Gasoline stocks also dropped 1.2 million barrels, along with distillate fuel inventories, which were down 1.6 million barrels.
This bearish industry report sent oil futures up today. Crude oil (WTI) jumped 3.43% to $46.19 per barrel and Brent crude is rising 4.06% to $47.37 per barrel.
Petrobras is expected to report its 2016 first quarter results on Thursday after the market close. Wall Street is looking for earnings of 4 cents a share on revenue of $21.68 billion.
A year ago, the company earned 28 cents a share on revenue of $25.97 billion.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally disappointing historical performance in the stock itself and generally high debt management risk.
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 article's author.
You can view the full analysis from the report here: PBR
