Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.
Other equities analysts have also recently issued research reports about the company. Wall Street Zen raised Methanex from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Raymond James Financial boosted their price target on Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. UBS Group boosted their price objective on Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. lowered Methanex from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $56.00 to $65.00 in a research report on Friday, May 1st. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating and set a $69.00 price objective on shares of Methanex in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.90.
View Our Latest Research Report on Methanex
Methanex Price Performance
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The business had revenue of $957.42 million for the quarter, compared to analyst estimates of $964.76 million. During the same period last year, the firm posted $1.30 EPS. Methanex’s quarterly revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts expect that Methanex will post 5.42 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Methanex
Institutional investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust grew its position in shares of Methanex by 1,244.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 1,232 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of Methanex in the 2nd quarter valued at about $50,000. Clearstead Advisors LLC grew its position in shares of Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after buying an additional 1,375 shares during the last quarter. PNC Financial Services Group Inc. grew its position 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 valued at $99,000 after buying an additional 1,410 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Methanex by 1,087.3% in the 1st quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock valued at $228,000 after buying an additional 3,501 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.
About Methanex
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).
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