Ultrapar Participações Upgraded to Buy with $4.91 PT by BTG Pactual

Ultrapar Participações S.A. (NYSE:UGP) has been upgraded to Buy by BTG Pactual with a price target of BRL 26 ($4.91). The upgrade comes after the company posted strong Q2 2025 performance, exceeding estimates in revenue and earnings per share. The analyst remains bullish on Ultrapar due to record results at Hidrovias and an 11% increase in recurring adjusted EBITDA. Wall Street expects Ultrapar to post $6.74 billion in revenue and an EPS of $0.10 in Q3 2025.

B2Gold Corp (BTG) has reported strong financial results for Q2 2025, with gold production exceeding expectations across all operations. The company achieved a gold production of 229,454 ounces, surpassing market estimates. Key financial highlights include a cash operating cost of $745 per gold ounce produced and all-in sustaining costs of $1,519 per gold ounce sold. The company's attributable net income was $0.12 per share, and operating cash flow reached $301 million. B2Gold also announced a Q3 2025 dividend of $0.02 per share, demonstrating its strong liquidity position with $308 million in cash .

Notable operational achievements include the inaugural gold pour at the Goose Mine, positive Feasibility Study results for the Gramalote Project with an NPV of $941 million, and approval to commence underground mining at Fekola. The Fekola Mine reached a milestone of 4 million ounces of lifetime gold production. The company's commitment to sustainable mining practices and strategic exploration projects across three continents was further highlighted .

B2Gold's Q2 2025 results underscore the company's ability to manage costs effectively and maintain a strong financial position. The company's production guidance for 2025 was confirmed, with the Fekola Complex expected to produce between 515,000 to 550,000 ounces of gold. The approval to commence underground mining at Fekola is a significant development, with the underground operation projected to contribute 25,000 to 35,000 ounces of gold in 2025, with substantial production increases planned for subsequent years .

Investors and industry observers will continue to monitor B2Gold's progress as it navigates evolving precious metals markets. The company's strategic focus on low-cost mining operations and exploration projects positions it well for future growth. Regular updates on operational milestones and financial disclosures will be crucial for investors seeking to stay informed about B2Gold's activities B2Gold Stock Price, News & Analysis^[1].