Methanex (NASDAQ:MEOH) Raised to “Strong-Buy” at Zacks Research

Methanex (NASDAQ:MEOH) (TSE:MX) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada raised Methanex from a “sector perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Friday, August 1st. Scotiabank set a $50.00 target price on Methanex and gave the company a “sector outperform” rating in a report on Tuesday, August 5th. JPMorgan Chase & Co. started coverage on shares of Methanex in a research note on Tuesday, June 10th. They set a “neutral” rating and a $33.00 price objective on the stock. Raymond James Financial set a $45.00 price target on Methanex and gave the company an “outperform” rating in a report on Tuesday, July 15th. Finally, CIBC increased their price target on Methanex from $42.00 to $44.00 and gave the stock an “outperformer” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $44.88.

Methanex Stock Down 0.5%

MEOH stock opened at $39.18 on Tuesday. The company’s 50 day moving average price is $35.02 and its 200 day moving average price is $34.07. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 11.56 and a beta of 0.87. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.55. The business had revenue of $808.46 million for 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 business’s revenue for the quarter was down 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities research analysts anticipate that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in Methanex by 41.8% during the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company’s stock valued at $44,798,000 after purchasing an additional 376,365 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Methanex by 3.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company’s stock worth $588,000 after purchasing an additional 383 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Methanex in the 1st quarter valued at $702,000. Two Sigma Advisers LP acquired a new stake in shares of Methanex in the 4th quarter valued at $934,000. Finally, Deutsche Bank AG raised its stake in shares of Methanex by 19.9% during the 1st quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company’s stock worth $106,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

About Methanex

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.