Braskem (NYSE:BAK) Issues Quarterly Earnings Results, Beats Estimates By $0.46 EPS

Braskem (NYSE:BAK) issued its earnings results on Tuesday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.46, Zacks reports. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.23 billion.

Braskem Price Performance

BAK traded down $0.03 on Wednesday, hitting $2.99. The company had a trading volume of 1,820,114 shares, compared to its average volume of 973,100. The stock has a fifty day simple moving average of $2.79 and a 200-day simple moving average of $3.22. The firm has a market capitalization of $1.19 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 $5.46.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAK. Citigroup lowered shares of Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. UBS Group downgraded shares of Braskem from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $5.10 to $3.80 in a research report on Friday, September 26th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Santander lowered shares of Braskem from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 16th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Braskem from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 27th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $4.40.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Braskem stock. Jane Street Group LLC grew its stake in shares of Braskem S.A. (NYSE:BAK) by 130.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,301 shares of the company’s stock after buying an additional 27,891 shares during the period. Jane Street Group LLC’s holdings in Braskem were worth $162,000 at the end of the most recent reporting period.

Braskem Company Profile

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.