Braskem S.A. (NYSE:BAK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday. The firm presently has a $24.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.83% 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. “

Separately, ValuEngine upgraded Braskem from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd.

Braskem (NYSE:BAK) traded up 0.97% during mid-day trading on Friday, hitting $20.72. The stock had a trading volume of 281,103 shares. Braskem has a 12-month low of $10.91 and a 12-month high of $23.15. The company has a 50-day moving average of $20.31 and a 200-day moving average of $20.78.

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A number of institutional investors have recently modified their holdings of BAK. UBS Group AG boosted its position in shares of Braskem by 5.2% in the first quarter. UBS Group AG now owns 6,010 shares of the energy company’s stock worth $122,000 after buying an additional 297 shares in the last quarter. Crow Point Partners LLC acquired a new stake in Braskem during the third quarter worth $126,000. Comerica Bank acquired a new stake in Braskem during the fourth quarter worth $215,000. Mckinley Capital Management LLC Delaware acquired a new stake in Braskem during the first quarter worth $144,000. Finally, Royal Bank of Canada acquired a new stake in Braskem during the first quarter worth $145,000. 0.97% of the stock is currently owned by hedge funds and other institutional investors.

Braskem Company Profile

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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