Ultrapar Participacoes SA (NYSE:UGP)’s share price dropped 2.5% during trading on Thursday . The company traded as low as $23.76 and last traded at $23.86, with a volume of 262,454 shares traded. The stock had previously closed at $24.48.

Separately, Zacks Investment Research upgraded shares of Ultrapar Participacoes SA from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Friday, May 20th.

The company has a 50-day moving average price of $22.43 and a 200 day moving average price of $19.74. The firm has a market cap of $13.00 billion and a P/E ratio of 26.58.

The business also recently declared a dividend, which will be paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd will be issued a $0.255 dividend. The ex-dividend date is Thursday, August 18th.

Ultrapar Participacoes SA is a Brazil-based holding company that operates in four segments: fuel distribution through Ipiranga; chemicals through Oxiteno; Liquefied Petroleum Gas (LPG) distribution through Ultragaz; and logistics for liquid bulk through Ultracargo. Ipiranga is a fuel distributor in Brazil, with a network of service stations, providing diesel, gasoline, ethanol, natural gas for vehicles, fuel oil and kerosene, besides lubricants.

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