Methanex (NASDAQ:MEOH) Stock Rating Lowered 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 report issued on Monday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Raymond James Financial raised their price objective on shares of Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. downgraded shares of Methanex from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $56.00 to $65.00 in a report on Friday, May 1st. Wall Street Zen upgraded Methanex from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Scotiabank raised their price target on Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating and issued a $69.00 price objective on shares of Methanex in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Methanex currently has an average rating of “Hold” and a consensus target price of $66.78.

Methanex Stock Down 3.1%

MEOH stock opened at $51.15 on Monday. The business’s 50-day moving average price is $59.49 and its 200-day moving average price is $52.45. The stock has a market cap of $3.96 billion, a P/E ratio of -104.39 and a beta of 0.56. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. Methanex has a twelve month low of $32.00 and a twelve month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its 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 firm had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. During the same quarter in the previous year, the business posted $1.30 EPS. Methanex’s revenue was up 8.7% on a year-over-year basis. On average, equities research analysts forecast that Methanex will post 8.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi increased its holdings in shares of Methanex by 3.9% in the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock worth $800,000 after purchasing an additional 848 shares during the last quarter. Hsbc Holdings PLC bought a new position in Methanex during the second quarter valued at approximately $419,000. Invesco Ltd. boosted its stake in Methanex by 15.7% during the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after buying an additional 33,827 shares during the last quarter. AXA S.A. purchased a new position in Methanex during the 2nd quarter valued at approximately $166,000. Finally, Qube Research & Technologies Ltd grew its holdings in Methanex by 327.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock valued at $1,565,000 after buying an additional 36,211 shares in 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).