# Ultrapar Participações S.A. (UGP)

> Source: Nexqual · https://nexqual.com/UGP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ultrapar Participações S.A. (UGP), nexqual.com/UGP" · informational, not investment advice.

**Price:** USD 7.8 (-2.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.97 · day 7.66–7.96 · 52w 3.6–8.28 · market cap $8.31B · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $1.0M; 5 not under a Rule 10b5-1 plan ($1.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 7.67 (range 6.5–9).
- Total return with dividends: 1Y +109.7% vs S&P 500 +14.9%; 5Y +271.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-11, EPS estimate USD 0.28, revenue estimate $44.9B.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-22 | Hachem Andre Saleme | CFO and IRO Hidrovias | 39,200 | $301K | 60.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-10 | Rabelo Pedro Guedes | Financial Officer Ipiranga | 30,000 | $227K | 34.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-10 | Linden Leonardo Remiao | CEO Ipiranga | 60,000 | $454K | 18.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Amaral Decio De Sampaio | CEO Hidrovias | 8,000 | $55K | 5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Hachem Andre Saleme | CFO and IRO Hidrovias | 585 | $4K | 0.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 7.67 (low 6.5, high 9).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Scotiabank | Downgrade | Sector Outperform → Sector Perform |  |
| 2026-09-04 | UBS | Target raised | Buy | $7.2 → $7.9 |
| 2026-08-26 | Goldman Sachs | Target lowered | Neutral | $6.5 → $5.8 |
| 2026-07-08 | B of A Securities | Upgrade | Neutral → Buy | $6.8 → $7.4 |
| 2026-06-30 | B of A Securities | Target raised | Neutral | $6.3 → $6.8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +109.7% | +271.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +110.2% | +29.9% |
| Volatility (annualized) | 34.3% | 39.0% |
| Max drawdown | -23.2% (May 2026→Jun 2026) | -57.4% (Feb 2024→Dec 2024) |

## Peers (Oil & Gas Refining & Marketing)
PBF (PBF Energy Inc.) USD 79.25 -2.81% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25%

## More
Full page: https://nexqual.com/UGP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UGP's own 20-F filed 2026-04-29 (https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Ipiranga | "Any interruption in the supply of LPG or oil-based fuels from Petrobras would immediately affect Ultragaz or Ipiranga's respective ability to provide LPG or oil-based fuels to their customers, and material delays in the …" |
| Customer | Ultragaz | "Any interruption in the supply of LPG or oil-based fuels from Petrobras would immediately affect Ultragaz or Ipiranga's respective ability to provide LPG or oil-based fuels to their customers, and material delays in the …" |
| Partner | Chevron (CVX) | "In addition to its retail operations, Ipiranga serves the B2B market through Ipiranga Empresas, leads the Brazilian lubricants sector through ICONIC, its joint venture with Chevron, and operates in the TRR (Transportador…" |
| Partner | Cosan S.A. (CSANY) | "Raízen: a joint venture between Cosan and Shell." |
| Partner | B3 | "In 2005, we entered into an agreement with B3 and have complied with the requirements to become a Level 1 Company, which is the entrance level of the Differentiated Corporate Governance Practices of B3." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.28 | $0.16 | +71.3% | $44.87B | 1 |
| Next quarter (ends 2026-12-31) | $0.20 | $0.13 | +54.0% | $42.96B | 1 |
| Current fiscal year (ends 2026-12-31) | $0.89 | $0.68 | +31.3% | $163.85B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.64 | $0.57 | +11.8% | $158.78B | 2 |