ValuEngine Downgrades Methanex (MEOH) to Strong Sell

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report issued on Thursday, ValuEngine reports.

A number of other analysts have also recently weighed in on MEOH. Raymond James restated an “outperform” rating and issued a $80.00 price target on shares of Methanex in a research note on Monday, January 28th. TD Securities cut their price target on Methanex from $77.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, January 30th. Tudor Pickering lowered Methanex from a “buy” rating to a “hold” rating in a report on Friday, February 1st. Cowen lowered Methanex from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $74.00 to $62.00 in a report on Wednesday, February 6th. Finally, Zacks Investment Research lowered Methanex from a “hold” rating to a “sell” rating in a report on Monday, February 11th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. Methanex currently has a consensus rating of “Hold” and an average price target of $73.14.

Methanex stock opened at $45.13 on Thursday. Methanex has a 1-year low of $44.38 and a 1-year high of $83.23. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.77 and a current ratio of 1.08. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 6.58, a price-to-earnings-growth ratio of 0.84 and a beta of 1.51.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Methanex had a return on equity of 24.89% and a net margin of 11.84%. The company had revenue of $773.00 million for the quarter, compared to analysts’ expectations of $790.00 million. During the same period last year, the firm earned $2.03 earnings per share. Methanex’s quarterly revenue was down 19.6% on a year-over-year basis. As a group, analysts anticipate that Methanex will post 3.85 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of MEOH. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Methanex by 120.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,915 shares of the specialty chemicals company’s stock worth $4,996,000 after acquiring an additional 56,872 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in Methanex by 15.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 20,975 shares of the specialty chemicals company’s stock worth $1,010,000 after acquiring an additional 2,850 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Methanex in the 4th quarter worth about $453,000. Becker Capital Management Inc. increased its holdings in Methanex by 88.5% in the 4th quarter. Becker Capital Management Inc. now owns 306,489 shares of the specialty chemicals company’s stock worth $14,764,000 after acquiring an additional 143,878 shares during the last quarter. Finally, Financial Gravity Companies Inc. purchased a new stake in Methanex in the 4th quarter worth about $36,000. 69.40% of the stock is currently owned by institutional investors.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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