Braskem S.A. (NYSE:BAK) Stock Has Average Price Target of $2.56 According to Brokerages

Braskem S.A. (NYSE:BAK) has received an average recommendation of “Strong Sell” from the eight analysts that are covering the company, MarketBeat reports. Five research analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $2.56.

BAK has been the subject of several research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Thursday. UBS Group downgraded Braskem from a “neutral” rating to a “sell” rating and reduced their price target for the company from $4.00 to $1.50 in a report on Tuesday, September 15th. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. downgraded shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Finally, HSBC cut shares of Braskem from a “buy” rating to a “hold” rating and lowered their target price for the company from $6.50 to $1.50 in a research note on Monday, September 28th.

Braskem Price Performance

Shares of BAK opened at $1.71 on Tuesday. The company has a market capitalization of $679.61 million, a price-to-earnings ratio of -0.70, a price-to-earnings-growth ratio of 0.10 and a beta of 1.56. The business has a 50-day moving average of $1.80 and a 200-day moving average of $2.80. Braskem has a 1 year low of $1.40 and a 1 year high of $5.39.

Braskem (NYSE:BAK) last released its quarterly earnings data on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. The company had revenue of $4.20 billion during the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. As a group, sell-side analysts anticipate that Braskem will post 1.58 EPS for the current year.

Institutional Trading of Braskem

Several hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers purchased a new stake in Braskem in the 1st quarter worth $51,000. Citadel Advisors LLC bought a new stake in Braskem during the 2nd quarter valued at $89,000. Private Advisor Group LLC acquired a new position in shares of Braskem during the first quarter worth $157,000. Bank of America Corp DE grew its position in 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 purchasing an additional 49,972 shares during the last quarter. Finally, SmartHarvest Portfolios LLC boosted its holdings in shares of Braskem by 49.7% in the 1st quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock valued at $199,000 after acquiring an additional 18,085 shares during the last quarter.

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.