Braskem (NYSE:BAK) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Braskem (NYSE:BAK) announced its earnings results on Thursday. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06, reports. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. The business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.77 billion.

Braskem Trading Down 5.0 %

NYSE:BAK opened at $5.53 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of -1.56 and a beta of 2.05. The stock has a fifty day simple moving average of $6.64 and a 200 day simple moving average of $6.83.

Hedge Funds Weigh In On Braskem

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MQS Management LLC acquired a new position in shares of Braskem in the 3rd quarter valued at $77,000. Point72 Asset Management L.P. lifted its stake in Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after acquiring an additional 15,600 shares in the last quarter. MBB Public Markets I LLC lifted its stake in Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after acquiring an additional 654,806 shares in the last quarter. Marshall Wace LLP lifted its stake in Braskem by 872.0% in the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after acquiring an additional 240,744 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Braskem by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after acquiring an additional 1,807 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. decreased their target price on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, UBS Group raised Braskem from a “neutral” rating to a “buy” rating and raised their target price for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th.

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.