Braskem (NYSE:BAK) Lifted to “Buy” at Zacks Investment Research

Braskem (NYSE:BAKGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $21.00 price target on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.29% from the stock’s previous close.

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, TheStreet upgraded shares of Braskem from a “c” rating to a “b” rating in a report on Thursday, May 12th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Braskem currently has an average rating of “Buy” and a consensus target price of $30.50.

NYSE BAK traded up $0.14 on Wednesday, hitting $19.04. 258,308 shares of the stock were exchanged, compared to its average volume of 358,161. The company has a quick ratio of 0.94, a current ratio of 1.63 and a debt-to-equity ratio of 4.11. Braskem has a fifty-two week low of $15.09 and a fifty-two week high of $26.93. The company has a market cap of $8.60 billion, a PE ratio of 2.60, a PEG ratio of 0.46 and a beta of 1.69. The company has a 50-day moving average price of $17.75 and a 200-day moving average price of $18.63.

Braskem (NYSE:BAKGet Rating) last posted its quarterly earnings results on Thursday, March 17th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $2.51 by ($2.27). Braskem had a return on equity of 156.07% and a net margin of 14.18%. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.23 billion. As a group, equities research analysts predict that Braskem will post 4.03 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Arbor Capital Management Inc. ADV purchased a new position in shares of Braskem in the 1st quarter valued at about $212,000. Advisor Group Holdings Inc. increased its holdings in shares of Braskem by 156.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,740 shares of the company’s stock valued at $33,000 after purchasing an additional 1,062 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Braskem by 311.1% in the 2nd quarter. Wells Fargo & Company MN now owns 1,850 shares of the company’s stock valued at $44,000 after purchasing an additional 1,400 shares in the last quarter. UBS Group AG increased its holdings in shares of Braskem by 115.7% in the 3rd quarter. UBS Group AG now owns 4,016 shares of the company’s stock valued at $88,000 after purchasing an additional 2,154 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Braskem by 107.6% in the 1st quarter. Morgan Stanley now owns 6,834 shares of the company’s stock valued at $97,000 after purchasing an additional 3,542 shares in the last quarter. Institutional investors own 0.25% of the company’s stock.

Braskem Company Profile (Get Rating)

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 chemicals, including ethylene, polymer and chemical grade propylene, butadiene, 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.

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