Ultrapar Participacoes SA (NYSE:UGP) dropped 2.5% during trading on Thursday . The stock traded as low as $22.12 and last traded at $22.35, with a volume of 532,436 shares changing hands. The stock had previously closed at $22.92.

Separately, Zacks Investment Research upgraded Ultrapar Participacoes SA from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Friday, May 20th.

The stock has a market capitalization of $12.11 billion and a PE ratio of 25.62. The company’s 50 day moving average is $22.83 and its 200-day moving average is $20.28.

The business also recently disclosed a dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend 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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