Methanex (NASDAQ:MEOH) Downgraded to “Hold” Rating by 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 research report issued to clients and investors on Wednesday,Zacks.com reports.

MEOH has been the subject of several other reports. Royal Bank Of Canada raised Methanex from a “sector perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Friday, August 1st. National Bank Financial assumed coverage on Methanex in a report on Friday, September 26th. They issued an “outperform” rating and a $47.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a report on Wednesday, October 8th. Scotiabank set a $50.00 price objective on Methanex and gave the company a “sector outperform” rating in a report on Tuesday, August 5th. Finally, CIBC increased their price objective on Methanex from $42.00 to $44.00 and gave the company an “outperformer” rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Methanex Stock Performance

Shares of MEOH opened at $35.16 on Wednesday. The stock has a 50 day moving average price of $37.04 and a 200 day moving average price of $34.13. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 10.37 and a beta of 0.94. Methanex has a 52-week low of $25.46 and a 52-week high of $54.49.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.55. The firm had revenue of $808.46 million during the quarter, compared to the consensus estimate of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The firm’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 earnings per share. Research analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Large investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Methanex during the second quarter worth approximately $33,000. CWM LLC purchased a new stake in shares of Methanex during the second quarter worth approximately $33,000. SVB Wealth LLC purchased a new stake in shares of Methanex during the first quarter worth approximately $38,000. NewEdge Advisors LLC purchased a new stake in shares of Methanex during the second quarter worth approximately $50,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Methanex during the first quarter worth approximately $55,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.