Methanex (NASDAQ:MEOH) Shares Down 3% – Here’s What Happened

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares were down 3% during mid-day trading on Tuesday. The company traded as low as $63.27 and last traded at $62.55. 50,816 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,005,777 shares. The stock had previously closed at $64.49.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Weiss Ratings raised Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $77.00 target price on shares of Methanex in a research note on Monday. UBS Group lifted their target price on Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Finally, Royal Bank Of Canada reduced their price target on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.56.

Methanex Stock Down 1.9%

The business’s 50 day simple moving average is $59.79 and its 200-day simple moving average is $57.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 61.41 and a beta of 0.71.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business posted $0.97 EPS. Methanex’s revenue for the quarter was up 75.0% on a year-over-year basis. Sell-side analysts expect that Methanex Corporation will post 8.73 earnings per share for the current year.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently made changes to their positions in MEOH. Parkside Financial Bank & Trust bought a new position in shares of Methanex during the 2nd quarter valued at $38,000. Nykredit A S bought a new stake in Methanex in the second quarter worth $83,000. State of Wyoming bought a new stake in Methanex in the second quarter worth $153,000. Fifth Third Bancorp increased its position in Methanex by 1,087.3% during the first quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock worth $228,000 after buying an additional 3,501 shares during the last quarter. Finally, Park National Corp OH acquired a new position in Methanex during the first quarter worth $233,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

About Methanex

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.