Ultrapar Participacoes (NYSE:UGP) Rating Increased to Buy at Bank of America

Ultrapar Participacoes (NYSE:UGP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a $7.40 price target on the oil and gas company’s stock, up from their previous price target of $6.80. Bank of America‘s price target would indicate a potential upside of 35.88% from the company’s current price.

UGP has been the subject of several other reports. Jefferies Financial Group raised Ultrapar Participacoes from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $3.10 to $5.60 in a research report on Friday, March 13th. HSBC cut Ultrapar Participacoes from a “buy” rating to a “hold” rating and boosted their target price for the company from $4.90 to $6.00 in a research note on Wednesday, April 8th. Wall Street Zen upgraded shares of Ultrapar Participacoes from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Ultrapar Participacoes in a report on Monday, June 8th. Finally, UBS Group increased their price objective on shares of Ultrapar Participacoes from $7.00 to $7.20 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.32.

Ultrapar Participacoes Trading Up 0.7%

Shares of NYSE:UGP opened at $5.45 on Wednesday. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 0.62 and a beta of 0.71. The company has a quick ratio of 1.30, a current ratio of 1.67 and a debt-to-equity ratio of 0.89. Ultrapar Participacoes has a 12 month low of $2.80 and a 12 month high of $6.20. The company’s fifty day simple moving average is $5.33 and its 200 day simple moving average is $5.05.

Institutional Trading of Ultrapar Participacoes

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd bought a new position in Ultrapar Participacoes in the 4th quarter valued at about $32,000. EverSource Wealth Advisors LLC increased its stake in Ultrapar Participacoes by 45.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,383 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 1,982 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ultrapar Participacoes in the 4th quarter valued at approximately $44,000. GeoWealth Management LLC bought a new position in shares of Ultrapar Participacoes in the 4th quarter valued at $44,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Ultrapar Participacoes during the fourth quarter worth $45,000. Institutional investors own 3.58% of the company’s stock.

Ultrapar Participacoes Company Profile

Ultrapar Participações SA is a Brazilian diversified holding company operating in the downstream energy and chemical sectors. Its Ipiranga unit runs one of Brazil’s largest networks of fuel stations, supplying gasoline, ethanol, diesel and convenience-store products to retail and wholesale customers. Through Ultragaz, the company is a leading distributor of liquefied petroleum gas (LPG), offering cylinder and bulk gas solutions for residential, commercial and industrial use across urban and rural regions.

In the specialty chemicals arena, Ultrapar controls Oxiteno, which produces surfactants and specialty chemical formulations for industries such as personal care, oil and gas, agrochemicals and coatings.