Braskem (BAK) Downgraded to Sell at Zacks Investment Research
Braskem (NYSE:BAK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
According to Zacks, “Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. With industrial facilities located in Alagoas, Bahia, São Paulo and Rio Grande do Sul, Braskem produces primary base petrochemicals such as ethylene, propylene, benzene, caprolactam, DMT and termoplastic resins (polypropylene, polyethylene, PVC and PET) gas and GLP. “
Separately, UBS Group lowered shares of Braskem from a “buy” rating to a “neutral” rating in a report on Tuesday, November 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $34.00.
Braskem (NYSE:BAK) last released its earnings results on Thursday, November 9th. The energy company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.13. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $3.90 billion. Braskem had a net margin of 3.07% and a return on equity of 28.41%. equities research analysts predict that Braskem will post 2.77 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Braskem in the 3rd quarter valued at about $133,000. Advisor Group Inc. lifted its holdings in Braskem by 50.6% in the 3rd quarter. Advisor Group Inc. now owns 6,985 shares of the energy company’s stock valued at $187,000 after purchasing an additional 2,346 shares in the last quarter. Citigroup Inc. lifted its holdings in Braskem by 168.5% in the 2nd quarter. Citigroup Inc. now owns 8,217 shares of the energy company’s stock valued at $170,000 after purchasing an additional 5,157 shares in the last quarter. FDx Advisors Inc. purchased a new position in Braskem in the 3rd quarter valued at about $292,000. Finally, First Trust Advisors LP purchased a new position in Braskem in the 3rd quarter valued at about $293,000. Institutional investors own 0.63% of the company’s stock.
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Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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