Braskem (NYSE:BAK) Stock Moved Up to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen upgraded Braskem to “Hold”, but broader analyst sentiment remains negative: the stock has an average “Strong Sell” rating and a consensus price target of $2.56.
• Braskem shares opened at $1.67, near their 12-month low of $1.40 and well below the 200-day moving average of $2.82, reflecting significant recent weakness.
• The company reported $4.20 billion in quarterly revenue and $1.61 in earnings per share, while recording a negative net margin of 7.28% and negative return on equity of 67.75%.

Braskem (NYSE:BAK - Get Free Report) was upgraded by research analysts at Wall Street Zen to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

BAK has been the subject of a number of other research reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Braskem in a report on Thursday. UBS Group lowered Braskem from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $4.00 to $1.50 in a research note on Tuesday, September 15th. Citigroup cut Braskem from a "neutral" rating to a "sell" rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. cut Braskem from an "overweight" rating to a "neutral" rating in a research report on Tuesday, June 30th. Finally, HSBC downgraded Braskem from a "buy" rating to a "hold" rating and reduced their target price for the stock from $6.50 to $1.50 in a research note on Monday, September 28th. Three research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Sell" and a consensus target price of $2.56.

Braskem Stock Down 8.0%

Shares of BAK stock opened at $1.67 on Friday. Braskem has a 12 month low of $1.40 and a 12 month high of $5.39. The company's fifty day simple moving average is $1.81 and its 200-day simple moving average is $2.82. The firm has a market cap of $663.67 million, a PE ratio of 0.65, a P/E/G ratio of 0.11 and a beta of 1.56.

Braskem (NYSE:BAK - Get Free Report) last released 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 during the quarter. On average, equities analysts predict that Braskem will post 1.58 earnings per share for the current fiscal year.

Institutional Trading of Braskem

Institutional investors have recently modified their holdings of the stock. Brooklands Fund Management Ltd acquired a new stake in Braskem during the first quarter worth about $2,013,000. Ramsey Quantitative Systems bought a new stake in shares of Braskem during the 2nd quarter worth approximately $155,000. Bank of America Corp DE boosted its position in shares of Braskem by 178,471.4% during the 1st quarter. Bank of America Corp DE now owns 50,000 shares of the company's stock worth $183,000 after acquiring an additional 49,972 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Braskem by 192.8% during the 2nd quarter. Engineers Gate Manager LP now owns 68,198 shares of the company's stock worth $166,000 after acquiring an additional 44,905 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new stake in shares of Braskem during the 1st quarter worth approximately $157,000.

Braskem Company Profile

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.

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