Braskem (NYSE:BAK) Issues Earnings Results, Beats Expectations By $0.06 EPS

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

Braskem Stock Down 5.0 %

NYSE BAK opened at $5.53 on Friday. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The business has a 50 day moving average price of $6.66 and a 200 day moving average price of $6.85. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Braskem

Hedge funds have recently bought and sold shares of the company. Boston Partners purchased a new position in Braskem during the first quarter worth $627,000. American Century Companies Inc. boosted its holdings in shares of Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Braskem by 872.0% during the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares during the last quarter. MBB Public Markets I LLC boosted its holdings in shares of Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after purchasing an additional 654,806 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Braskem by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after purchasing an additional 15,600 shares during the last quarter.

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.