NEW YORK (TheStreet) -- Shares of Brazilian state-owned energy company Petrobras (PBR) rose 1.71% to $9.52 in morning trading Wednesday as Ibovespa futures climbed and crude oil prices extended their two-day rally.
Ibovespa futures contracts due in June rose 0.2% to 58,855 at 9:32 a.m. in Sao Paulo, according to Bloomberg.
Meanwhile, WTI crude rose 2.48% to $61.90 at 9:56 a.m., while Brent crude was up 2.3% to $69.07, according to CNBC. The continued rise in oil prices supported a positive outlook for Petrobras' offshore investments.
Petrobras, which has been burdened by a corruption and bribery scandal since last year, confirmed Wednesday that it will release its first-quarter 2015 results on Friday, May 15 after the market close and that it will be in a quiet period until that time.
During this quiet period, the company will not be able to provide clarifications or speak about any information related to results and perspectives.
Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROLEO BRASILEIRO SA- PETR (PBR.A) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."