Braskem S.A. (NYSE:BAK) Receives $4.40 Average Price Target from Brokerages

Braskem S.A. (NYSE:BAK) has earned a consensus rating of “Reduce” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $4.40.

BAK has been the subject of a number of research analyst reports. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and cut their target price for the company from $5.10 to $3.80 in a research note on Friday, September 26th. Citigroup cut shares of Braskem from a “buy” rating to a “hold” rating in a research note on Friday, October 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, October 8th. Finally, Santander cut Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th.

Institutional Trading of Braskem

Several hedge funds have recently modified their holdings of the company. Ballentine Partners LLC purchased a new position in shares of Braskem in the third quarter valued at $34,000. Brevan Howard Capital Management LP bought a new position in Braskem during the third quarter valued at $64,000. Dark Forest Capital Management LP grew its stake in shares of Braskem by 94.7% in the 3rd quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after buying an additional 15,630 shares in the last quarter. Jump Financial LLC increased its holdings in shares of Braskem by 114.4% in the 1st quarter. Jump Financial LLC now owns 37,304 shares of the company’s stock worth $144,000 after buying an additional 19,904 shares during the last quarter. Finally, Centric Wealth Management purchased a new stake in shares of Braskem during the 2nd quarter valued at about $128,000.

Braskem Stock Up 1.2%

NYSE:BAK opened at $2.97 on Wednesday. The business’s 50-day simple moving average is $2.82 and its two-hundred day simple moving average is $3.02. Braskem has a 52 week low of $2.32 and a 52 week high of $5.10. The stock has a market cap of $1.18 billion, a PE ratio of -1.30 and a beta of 1.89.

Braskem (NYSE:BAK) last released its earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.46. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.23 billion. Sell-side analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.