NEW YORK (TheStreet) -- Shares of Petroleo Brasileiro Petrobras SA (PBR) are down 1.1% to $11.19 on falling oil prices, despite receiving support from Brazil's finance minister Guido Mantega yesterday to raise gasoline prices, Bloomberg reports.
Stock of the Brazil-based oil and gas company, known as Petrobras, slumped 2.3% to 14.48 reais this morning in Sao Paulo after Brent crude fell to a four-year low, Bloomberg said, adding that Petrobras is the worst performing major oil company stock in the past four years, losing 57%.
"It's positive the government has given an approval for an increase in prices, that's the wall we had in the past," Geracao Futuro Corretora analyst Lucas Brendler told Bloomberg, adding, "We just need to know how much and how they will do it."
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Investors are still waiting to see how much Petrobras will increase prices and if it will be for both diesel and gasoline, Brendler concluded.
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."