Methanex (NASDAQ:MEOH) Cut to “Hold” at Zacks Research

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on MEOH. UBS Group raised their target price on shares of Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Raymond James Financial boosted their target price on shares of Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Canadian Imperial Bank of Commerce reissued a “neutral” rating and set a $69.00 price target on shares of Methanex in a report on Friday, May 1st. Scotiabank raised their price target on Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Finally, Jefferies Financial Group lifted their price objective on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.78.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $51.15 on Monday. Methanex has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The business has a 50-day simple moving average of $59.49 and a two-hundred day simple moving average of $52.45. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.96. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of -104.39 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The company had revenue of $957.42 million for the quarter, compared to analysts’ expectations of $964.76 million. During the same period in the previous year, the business earned $1.30 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. On average, analysts expect that Methanex will post 8.18 earnings per share for the current year.

Institutional Trading of Methanex

Several large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC bought a new position in Methanex in the second quarter worth approximately $50,000. Clearstead Advisors LLC grew its position in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after acquiring an additional 1,375 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after acquiring an additional 812 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Methanex by 131.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after purchasing an additional 1,410 shares in the last quarter. Finally, AXA S.A. purchased a new stake in shares of Methanex in the 2nd quarter worth $166,000. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).