Braskem (NYSE:BAK) Upgraded to Buy at UBS Group

UBS Group upgraded shares of Braskem (NYSE:BAK) from a neutral rating to a buy rating in a research report released on Wednesday, Marketbeat reports. The brokerage currently has $10.00 target price on the stock, up from their previous target price of $7.70.

A number of other research analysts have also weighed in on BAK. JPMorgan Chase & Co. dropped their price objective on Braskem from $10.00 to $9.50 and set a neutral rating on the stock in a report on Tuesday, September 10th. Citigroup raised Braskem from a neutral rating to a buy rating in a report on Tuesday, August 20th.

Braskem Trading Up 5.2 %

Shares of BAK stock opened at $7.27 on Wednesday. The business’s fifty day moving average price is $6.43 and its 200 day moving average price is $7.52. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The firm has a market capitalization of $3.28 billion, a PE ratio of -2.25 and a beta of 2.02. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.31 and a quick ratio of 0.84.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.30. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. The firm had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. As a group, sell-side analysts forecast that Braskem will post -1.3 EPS for the current fiscal year.

Institutional Trading of Braskem

Several large investors have recently bought and sold shares of BAK. Point72 Asset Management L.P. boosted its stake in shares of Braskem by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after acquiring an additional 15,600 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Braskem by 4.3% during the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after acquiring an additional 2,790 shares during the last quarter. Boston Partners acquired a new stake in shares of Braskem during the first quarter valued at $627,000. American Century Companies Inc. boosted its stake in shares of Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after acquiring an additional 1,807 shares during the last quarter. Finally, Trexquant Investment LP boosted its stake in shares of Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after acquiring an additional 94,099 shares during the last quarter.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.