How Will Petrobras (PBR) Stock React to Argentinian Oil Field Sales?

NEW YORK (TheStreet) -- Petrobras  (PBR) rose Monday amid news the Brazilian energy company would start to take bids for oil fields in Argentina next month, according to Bloomberg.

Petrobras Argentina SA, a division of the state-run energy company, will start to take offers on Sept. 12, according to the report. Potential bidders can review data on the assets this month. The assets for sale are worth approximately $300 million, Buenos Aires newspaper La Nacion reported on July 25.

PBR's Argentine unit approved the sale of four fields in July, and billionaire Eduardo Eurnekian's Cia. General de Combustibles SA received the right of first refusal on two of them.

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The stock was up 1.54% to $16.76 at 11:40 a.m.

Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate PETROBRAS-PETROLEO BRASILIER (PBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

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