Petrobras said that its deepwater sub-salt fields reached a production rate of about 700,000 barrels a day in mid-December. The company also announced that its total oul and liquefied natural gas production reached a record rate of 2.286 million barrels a day as of Dec. 21.
Oil prices were also rebounding Tuesday morning, which may have contributed to Petrobras' early gains. WTI crude oil for February delivery were gaining 2.5% to $56.63 a barrel Tuesday morning, and Brent crude oil for February delivery was gaining 1.9% to $61.27 a barrel.
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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."