10 Worst Performing Energy Stocks in 2024

2. Ultrapar Participações S.A. (NYSE:UGP)

1-Year Performance as of January 21: -51.44%

Market Cap as of January 21: $2.94 Billion

Number of Hedge Fund Investors: 10

Ultrapar Participações S.A. (NYSE:UGP) is a Brazilian conglomerate operating in fuel distribution, chemicals, and storage services. The company’s main business is distributing liquefied petroleum gas (LPG) through Ultragaz and fuels through its network of retail gas stations under the Ipiranga brand. Ultrapar Participações S.A. (NYSE:UGP) also operates chemical plants and logistics terminals that serve industrial clients across Brazil.

Ultrapar Participações S.A. (NYSE:UGP) is focused on investing in new energy sources and technologies to diversify its portfolio and decrease reliance on traditional fuels. Ultragaz, the LPG distributor, is poised to play a key role in the company’s growth strategy, with an emphasis on expanding its customer base and increasing its share in emerging energy solutions, such as biomethane and electricity. Additionally, the company is exploring ways to leverage its logistics and storage expertise to bolster the growth of its energy businesses. For instance, Ultracargo is expanding its storage capacity and developing new terminals to meet the rising demand for fuel and other energy products.

Ultrapar Participações S.A. (NYSE:UGP) is also making strategic investments in its Texaco brand, which is expected to drive the company’s expansion within the Brazilian market. Furthermore, the company is identifying opportunities to support Hidrovias do Brasil, a company in which Ultrapar Participações S.A. (NYSE:UGP) holds a stake while continuing to enhance its logistics and storage capabilities to facilitate the growth of its energy-related operations.