Zacks Research Upgrades Methanex (NASDAQ:MEOH) to “Hold”

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

MEOH has been the topic of several other research reports. UBS Group upped their target price on Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a report on Monday, January 12th. Scotiabank restated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. Royal Bank Of Canada set a $50.00 target price on Methanex and gave the company an “outperform” rating in a report on Monday, January 5th. Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. upgraded Methanex from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $33.00 to $38.00 in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Methanex Stock Up 1.4%

Shares of NASDAQ MEOH traded up $0.67 during midday trading on Tuesday, hitting $48.45. 242,596 shares of the company’s stock were exchanged, compared to its average volume of 582,764. The firm’s fifty day simple moving average is $41.17 and its 200-day simple moving average is $37.84. Methanex has a twelve month low of $25.46 and a twelve month high of $54.49. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.09 and a quick ratio of 1.33. The company has a market cap of $3.75 billion, a PE ratio of 16.36 and a beta of 0.73.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.45). Methanex had a net margin of 5.97% and a return on equity of 9.07%. The firm had revenue of $924.87 million during the quarter, compared to analyst estimates of $977.82 million. During the same period last year, the company earned $1.21 earnings per share. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. CWM LLC bought a new position in shares of Methanex in the 2nd quarter worth about $33,000. NewEdge Advisors LLC bought a new position in Methanex during the second quarter valued at about $50,000. Parkside Financial Bank & Trust lifted its holdings in shares of Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 1,232 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after buying an additional 1,410 shares during the last quarter. Finally, AXA S.A. acquired a new stake in shares of Methanex in the second quarter worth $166,000. 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).