Braskem (NYSE:BAK) Receives "Sell (E+)" Rating from Weiss Ratings

Key Points

• Braskem's stock has been given a "sell (e+)" rating by Weiss Ratings, reflecting a negative outlook among analysts.
• Multiple research firms, including Citigroup and UBS Group, have downgraded Braskem's rating, indicating increased concern regarding the stock's performance.
• Braskem's stock price is currently around $2.67, significantly below its 52-week high of $6.34, highlighting its declining value in recent months.

Braskem (NYSE:BAK - Get Free Report)'s stock had its "sell (e+)" rating restated by Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

Several other research firms have also commented on BAK. Citigroup lowered shares of Braskem from a "buy" rating to a "hold" rating in a research report on Friday, October 10th. UBS Group lowered shares of Braskem from a "buy" rating to a "neutral" rating and lowered their price target for the company from $5.10 to $3.80 in a research report on Friday, September 26th. JPMorgan Chase & Co. lowered their price target on shares of Braskem from $6.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 27th. Zacks Research lowered shares of Braskem from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 30th. Finally, Santander lowered shares of Braskem from a "neutral" rating to an "underperform" rating in a research report on Thursday, October 16th. Five research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Braskem has a consensus rating of "Reduce" and an average target price of $4.40.

Braskem Price Performance

Shares of NYSE:BAK traded up $0.04 on Friday, reaching $2.67. The company's stock had a trading volume of 1,006,148 shares, compared to its average volume of 963,764. The stock's 50-day moving average is $2.95 and its two-hundred day moving average is $3.30. Braskem has a 52-week low of $2.32 and a 52-week high of $6.34. The stock has a market capitalization of $1.06 billion, a P/E ratio of -1.05 and a beta of 1.76.

Braskem (NYSE:BAK - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.56. The company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $18.76 billion. Equities analysts forecast that Braskem will post -0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

Institutional investors and hedge funds have recently modified their holdings of the company. R Squared Ltd raised its stake in Braskem by 55.2% during the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock worth $68,000 after purchasing an additional 6,260 shares during the period. American Century Companies Inc. raised its stake in Braskem by 12.6% during the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock worth $424,000 after purchasing an additional 12,300 shares during the period. Ballentine Partners LLC purchased a new position in Braskem during the first quarter worth approximately $58,000. Jump Financial LLC raised its stake in Braskem by 114.4% during the first quarter. Jump Financial LLC now owns 37,304 shares of the company's stock worth $144,000 after purchasing an additional 19,904 shares during the period. Finally, Virtu Financial LLC purchased a new position in Braskem during the first quarter worth approximately $99,000.

About Braskem

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.

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