NEW YORK (TheStreet) -- Shares of Petrobras (PBR) closed up 1.58% to $10.90 on Friday after the Brazilian state-run energy company announced the timetable and amount of its anticipated fuel price increase.
Petrobras will increase gasoline prices by 3% and diesel prices by 5% beginning at midnight, the company disclosed in a regulatory filing.
The announcement comes two days after Petrobras' board finished an all-day meeting, its second in less than a week, after which the company said it had no set date or amount for the increase.
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Petrobras said Wednesday its board told the company to maintain its current prices even though executives made a presentation to outline a possible schedule for a price hike, according to the Wall Street Journal.
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."