NEW YORK (TheStreet) -- Petrobras (PBR.A) shares are declining 2.39% to $5.71 on Friday morning after the oil giant reported its second quarter 2015 earnings results after the market close yesterday that missed analysts' estimates on the bottom line.

Although the company missed analysts' earnings estimates, it beat estimates on the top line. 

For the quarter ended June 30, the Brazil-state run oil giant posted earnings of 2 cents per diluted share on revenue of $26 billion.

Analysts had forecast the company to earn 27 cents per share on revenue of $24.05 billion.

In the same quarter the previous year, the company posted earnings of 18 cents per diluted share on revenue of $36.9 billion.

"Maybe the final number doesn't show the company's grandiosity," CEO Aldemir Bendine said. "But what we said we were going to do is being achieved, the operational result is meeting all our expectations."

In the recent quarter, the company's net profit declined after significant impairment and tax charges.

Petrobras has also been dealing with a debt of $132 billion while at the same time being at the center of one of the biggest bribery scandals, Reuters reports.

The company operates as an integrated energy company in Brazil and internationally.

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 a few notable 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 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."

You can view the full analysis from the report here: PBR.A Ratings Report

PBR.A Chart PBR.A data by YCharts