NEW YORK (TheStreet) -- Shares of Petrobras (PBR) are gaining, higher by 1.16% to $6.98 in early market trading on Friday, as crude oil advances, improving the prospects for the state-controlled producer's offshore investments, Bloomberg reports.
WTI Crude for January delivery, is gaining 2.42% to $55.42 a barrel this morning.
Yesterday, the Brazilian congressional committee recommended that prosecutors indict 52 individuals in the multibillion-dollar corruption scandal, involving Petrobras, Reuters reports.
Brazilian President Dilma Rousseff vowed to implement the toughest corporate governance standards at the state-run oil company following the announcement, Reuters added.
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."