Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday.
Several other analysts also recently weighed in on the company. Raymond James Financial lifted their price objective on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Royal Bank Of Canada dropped their target price on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 1st. BMO Capital Markets raised their target price on shares of Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. JPMorgan Chase & Co. lowered shares of Methanex from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $56.00 to $65.00 in a report on Friday, May 1st. Finally, UBS Group increased their price objective on shares of Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $66.22.
View Our Latest Research Report on Methanex
Methanex Stock Up 1.1%
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $957.42 million during the quarter, compared to analysts’ expectations of $964.76 million. During the same quarter in the prior year, the company posted $1.30 earnings per share. Methanex’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, research analysts forecast that Methanex will post 8.18 EPS for the current fiscal year.
Hedge Funds Weigh In On Methanex
Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in shares of Methanex by 546.7% during the third quarter. JPMorgan Chase & Co. now owns 269,374 shares of the specialty chemicals company’s stock valued at $10,710,000 after buying an additional 227,723 shares during the last quarter. Ritholtz Wealth Management purchased a new position in Methanex in the 4th quarter worth $375,000. Intact Investment Management Inc. lifted its position in Methanex by 17.2% during the 4th quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock worth $26,875,000 after acquiring an additional 99,210 shares during the period. TD Asset Management Inc lifted its position in Methanex by 35.2% during the 4th quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company’s stock worth $37,020,000 after acquiring an additional 242,662 shares during the period. Finally, Vanguard Group Inc. grew its stake in Methanex by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock valued at $108,917,000 after purchasing an additional 336,316 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.
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).
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