NEW YORK (TheStreet) -- Shares of Petrobras (PBR.A) are rising, higher by 1.94% to $7.88 in late morning trading on Tuesday as oil prices rise, after economic data showed that the U.S. economy grew at its fastest rate in 11 years in the third quarter, CNBC reports.
The Commerce Department upped its estimate of U.S. gross domestic product growth to a 5% annual pace from 3.9% it reported last month, due to stronger consumer and business spending, CNBC added.
Brent crude, which fell to a five-year low of $58.50 last week, is up 0.73% to $60.55 per barrel as of 11:14 a.m., while West Texas Intermediate Crude is higher by 1.3% to $55.98 a barrel.
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Also, founder of Soros Fund Management LLC George Soros increased his holdings in the Brazilian state-run Petrobras for the third quarter. The billionaire hedge fund held around 4.31 million shares of the oil company, up 76% from last quarter.
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) 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."