On Monday, oil prices fell to their lowest levels in four years, due to a strengthening dollar, and concerns the global market is oversupplied, the Wall Street Journal reported.
Additionally, Petrobras stock may also be down today due to Monday's report from the Financial Times, which said that the state-controlled Brazilian company is now under investigation by U.S. authorities, including the SEC and Department of Justice.
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The U.S. is investigating allegations Petrobras violated the Foreign Corrupt Practices Act, which makes it illegal to bribe foreign officials in an attempt to advance your business.
The U.S. probe is in addition to a Brazilian investigation into Petrobras for allegedly paying bribes to politicians from the Workers Party, the country's current ruling party, after over inflating the cost of capital expenditure projects and acquisitions, by several hundred million dollars, Financial Times noted.
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, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."