Methanex (NASDAQ:MEOH) Rating Lowered to Equal Weight at Barclays

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $44.00 target price on the specialty chemicals company’s stock, down from their prior target price of $56.00. Barclays‘s price objective would suggest a potential upside of 12.53% from the stock’s previous close.

MEOH has been the subject of a number of other research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. UBS Group reduced their price target on Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Scotiabank upped their price objective on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. Jefferies Financial Group lifted their target price on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, Piper Sandler raised Methanex from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $50.00 to $51.00 in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and a consensus price target of $54.75.

Methanex Stock Performance

MEOH opened at $39.10 on Tuesday. The business’s 50-day simple moving average is $46.40 and its 200 day simple moving average is $47.50. Methanex has a 52-week low of $37.30 and a 52-week high of $56.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. The firm has a market capitalization of $2.63 billion, a PE ratio of 16.57 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that Methanex will post 2.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC boosted its position in shares of Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after acquiring an additional 700 shares during the period. Larson Financial Group LLC acquired a new position in shares of Methanex during the 1st quarter worth approximately $45,000. Blue Trust Inc. increased its holdings in shares of Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after purchasing an additional 1,575 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after buying an additional 1,626 shares in the last quarter. Finally, U S Global Investors Inc. bought a new stake in shares of Methanex in the first quarter valued at approximately $178,000. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.