Shares of Braskem S.A. (NYSE:BAK) have earned an average recommendation of “Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $20.00.

BAK has been the subject of several recent analyst reports. BidaskClub raised shares of Braskem from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. ValuEngine raised shares of Braskem from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Morgan Stanley raised shares of Braskem from an “equal weight” rating to an “overweight” rating in a report on Monday, July 17th. Finally, Zacks Investment Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a report on Tuesday, June 6th.

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its position in shares of Braskem by 15.2% in the 1st quarter. Bank of America Corp DE now owns 362,984 shares of the energy company’s stock worth $7,387,000 after buying an additional 47,761 shares during the last quarter. Comerica Bank lifted its position in shares of Braskem by 1.5% in the 1st quarter. Comerica Bank now owns 9,889 shares of the energy company’s stock worth $211,000 after buying an additional 147 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Braskem by 25.2% in the 1st quarter. Renaissance Technologies LLC now owns 3,262,800 shares of the energy company’s stock worth $66,398,000 after buying an additional 657,400 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Braskem in the 1st quarter worth about $2,106,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Braskem by 0.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 16,065 shares of the energy company’s stock worth $326,000 after buying an additional 139 shares during the last quarter. Institutional investors own 0.66% of the company’s stock.

Shares of Braskem (NYSE:BAK) remained flat at $28.10 during midday trading on Tuesday. 83,054 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $24.81 and a 200-day moving average price of $21.95. Braskem has a 52 week low of $13.85 and a 52 week high of $28.11. The stock has a market capitalization of $11.18 billion, a P/E ratio of 28.21 and a beta of 1.14.

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About Braskem

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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