NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were rising by 0.45% to $8.96 in midday trading Wednesday, after analysts at Tudor, Pickering, Holt & Co raised their rating on the state owned oil company.
The firm upgraded the troubled Brazilian oil giant to "buy" from "accumulate" with a $15 price target earlier today.
"We expect Petrobras to come out of the other side of the car wash scandal in better shape, in particular as it will abandon the loss-making refinery projects and be able to freely set pump prices, eliminating some of the massive losses seen in the past," Tudor analysts explained this morning.
In addition, Petrobras may unveil a revamped investment plan for 2015 to 2019 on June 23 with significant cuts in capital spending, according to a report in the Valor Econômico newspaper today.
Brazil-based Petrobras is an integrated oil and gas company, engaged in the research, extraction, refining, processing, trade and transport of oil from wells, shale and other rocks.
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 SELL. This is driven by a number of negative factors, 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 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."