Braskem (NYSE:BAK) Stock Rating Upgraded by Wall Street Zen

Braskem (NYSE:BAK) was upgraded by Wall Street Zen to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Several other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. lowered Braskem from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 30th. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. UBS Group lowered Braskem from a “neutral” rating to a “sell” rating and decreased their price target for the company from $4.00 to $1.50 in a research note on Tuesday, September 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research report on Thursday. Finally, HSBC lowered Braskem from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $6.50 to $1.50 in a research note on Monday, September 28th. Three analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, Braskem has a consensus rating of “Strong Sell” and an average target price of $2.56.

Braskem Stock Performance

NYSE:BAK opened at $1.67 on Friday. The company has a 50-day moving average of $1.81 and a 200-day moving average of $2.82. Braskem has a 52 week low of $1.40 and a 52 week high of $5.39. The company has a market capitalization of $663.67 million, a price-to-earnings ratio of -0.69, a PEG ratio of 0.10 and a beta of 1.56.

Braskem (NYSE:BAK) last posted its earnings results on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The business had revenue of $4.20 billion for the quarter. Sell-side analysts forecast that Braskem will post 1.58 EPS for the current year.

Institutional Trading of Braskem

Several hedge funds have recently modified their holdings of BAK. Brooklands Fund Management Ltd bought a new stake in Braskem during the 1st quarter worth approximately $2,013,000. Engineers Gate Manager LP increased its holdings in Braskem by 192.8% during the 2nd quarter. Engineers Gate Manager LP now owns 68,198 shares of the company’s stock valued at $166,000 after purchasing an additional 44,905 shares in the last quarter. Citadel Advisors LLC bought a new position in Braskem in the 2nd quarter valued at $89,000. Ramsey Quantitative Systems bought a new position in Braskem in the 2nd quarter valued at $155,000. Finally, Bank of America Corp DE boosted its stake in Braskem by 178,471.4% in the first quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock worth $183,000 after purchasing an additional 49,972 shares in the last quarter.

About Braskem

Braskem SA is a Brazilian petrochemical company headquartered in São Paulo, Brazil. The company produces basic chemicals and thermoplastic resins used in packaging, construction, automotive components, consumer goods, agriculture, and other industrial applications.

Its product portfolio includes olefins such as ethylene and propylene, polyolefins including polyethylene and polypropylene, polyvinyl chloride (PVC), caustic soda, and other chemical intermediates. Braskem also markets renewable polyethylene under the “I’m green” brand, which is made from sugarcane-based ethanol.

Established in 2002 through the consolidation of petrochemical assets in Brazil, Braskem expanded internationally through subsequent acquisitions and investments.