Braskem (NYSE:BAK) Announces Earnings Results

Braskem (NYSE:BAK) released its earnings results on Tuesday. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.14, Zacks reports.

Braskem Price Performance

Braskem stock traded up $0.51 during midday trading on Tuesday, reaching $3.01. The company’s stock had a trading volume of 2,880,190 shares, compared to its average volume of 964,933. The stock’s 50-day simple moving average is $2.80 and its 200-day simple moving average is $3.23. The stock has a market capitalization of $1.20 billion, a P/E ratio of -1.18 and a beta of 1.81. Braskem has a 52-week low of $2.32 and a 52-week high of $5.49.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Braskem stock. Jane Street Group LLC boosted its position in shares of Braskem S.A. (NYSE:BAK) by 130.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 49,301 shares of the company’s stock after acquiring an additional 27,891 shares during the quarter. Jane Street Group LLC’s holdings in Braskem were worth $162,000 at the end of the most recent reporting period.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BAK. Citigroup downgraded shares of Braskem from a “buy” rating to a “hold” rating in a research note on Friday, October 10th. UBS Group lowered shares of Braskem from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $5.10 to $3.80 in a research report on Friday, September 26th. Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. dropped their price objective on Braskem from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 27th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $4.40.

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.