Zacks Investment Research Upgrades Braskem S.A. (NYSE:BAK) to “Strong-Buy”

Braskem S.A. (NYSE:BAK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, October 18th. The firm currently has a $34.00 target price on the energy company’s stock. Zacks Investment Research‘s target price points to a potential upside of 8.07% from the stock’s previous close.

According to Zacks, “Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. With industrial facilities located in Alagoas, Bahia, São Paulo and Rio Grande do Sul, Braskem produces primary base petrochemicals such as ethylene, propylene, benzene, caprolactam, DMT and termoplastic resins (polypropylene, polyethylene, PVC and PET) gas and GLP. “

A number of other equities analysts have also weighed in on the company. Morgan Stanley upgraded Braskem from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 17th. BidaskClub upgraded Braskem from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. Braskem presently has an average rating of “Buy” and a consensus price target of $28.00.

Shares of Braskem (BAK) traded up $1.09 during midday trading on Wednesday, reaching $31.46. The company’s stock had a trading volume of 794,081 shares, compared to its average volume of 565,588. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.82. Braskem has a fifty-two week low of $15.26 and a fifty-two week high of $33.73.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Advisor Group Inc. grew its position in Braskem by 50.6% during the 3rd quarter. Advisor Group Inc. now owns 6,985 shares of the energy company’s stock worth $187,000 after acquiring an additional 2,346 shares during the last quarter. Dorsey Wright & Associates grew its position in Braskem by 45.3% during the 3rd quarter. Dorsey Wright & Associates now owns 206,613 shares of the energy company’s stock worth $5,760,000 after acquiring an additional 64,443 shares during the last quarter. FDx Advisors Inc. bought a new position in Braskem during the 3rd quarter worth approximately $292,000. First Trust Advisors LP bought a new position in Braskem during the 3rd quarter worth approximately $293,000. Finally, U S Global Investors Inc. bought a new position in Braskem during the 2nd quarter worth approximately $1,034,000. Institutional investors and hedge funds own 0.66% of the company’s stock.

About Braskem

Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.

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