Why Petrobras Stock Keeps Going Down

Pity (NYSE: PBR) (NYSE: PBR.A) investors -- they can't seem to catch a break. Shares of the Brazilian oil giant -- officially known as Petroleo Brasileiro -- have fallen steadily in the four days leading up to and after the company's poor first-quarter 2024 earnings report. This now includes a 7.2% decline through 10:45 a.m. ET today.

You can blame this latest decline on the President of Brazil himself.

Petrobras had only bad news to report on Monday. Q1 sales declined 15% to $23.5 billion -- a poor performance, given that Q1 2024 world oil prices were similar to Q1 2023. Adding insult to injury, Petrobras' profits declined twice as much, about 38% year over year, to $4.7 billion.

Source Fool.com