NEW YORK (TheStreet) -- Shares of Petroleo Brasileiro Petrobras (PBR) are up 3.61% to $9.32 after the Brazilian state-run oil company said on Tuesday it had found natural gas in an exploratory well off the Colombian coast, the first deep-water discovery in Colombia's Caribbean waters, Reuters reports.
The gas, whose volume was not announced, was discovered at a depth of 3,600 meters (11,800 feet), Petrobras said.
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."