Methanex (NASDAQ:MEOH) Downgraded to “Strong Sell” Rating by Zacks Research

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other analysts have also weighed in on the company. Royal Bank Of Canada boosted their price objective on Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Canadian Imperial Bank of Commerce increased their target price on Methanex from $52.00 to $59.00 and gave the stock a “neutral” rating in a report on Tuesday. Jefferies Financial Group lifted their target price on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Scotiabank reiterated an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Finally, BMO Capital Markets upped their price target on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $52.36.

Methanex Trading Up 3.3%

NASDAQ MEOH opened at $52.87 on Monday. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 46.79 and a beta of 0.65. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.06 and a quick ratio of 1.37. Methanex has a 12 month low of $25.46 and a 12 month high of $59.09. The company’s fifty day moving average price is $49.24 and its two-hundred day moving average price is $41.81.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The company had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm posted $1.24 EPS. Methanex’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, research analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Trading of Methanex

A number of institutional investors and hedge funds have recently made changes to their positions in MEOH. NewEdge Advisors LLC acquired a new position in Methanex during the 2nd quarter valued at approximately $50,000. Parkside Financial Bank & Trust grew its stake in 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 worth $53,000 after buying an additional 1,232 shares during the last quarter. Clearstead Advisors LLC increased its position in Methanex by 336.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after buying an additional 1,375 shares during the period. PNC Financial Services Group Inc. increased its position in Methanex by 131.5% in 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 period. Finally, AXA S.A. bought a new stake in Methanex in the second quarter valued at $166,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Company Profile

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).