NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were down 6.25% to $15.73 in afternoon trading Monday after the latest poll showed incumbent Brazilian president Dilma Rousseff was five points ahead of pro-business candidate Marina Silva.
The news sent Brazilian stocks, led by the state-owned energy company, down Monday.
Petrobras is dealing with an investigation into allegations that the company had bribed government officials. Sao Paulo-based Veja Magazine first reported that several politicians, including some in Rousseff's Worker's Party, received bribes linked to Petrobras' contracts.
More than 28.7 million shares had changed hands as of 2:37 p.m., compared to the average volume of 26,414,800.
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 largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: