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

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

Other equities analysts have also issued reports about the company. UBS Group increased their price objective on Methanex from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Canadian Imperial Bank of Commerce lifted their target price on Methanex from $52.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday. Scotiabank reiterated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. Royal Bank Of Canada increased their price target on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.36.

Methanex Trading Up 3.3%

Methanex stock opened at $52.87 on Monday. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. The firm has a 50-day moving average price of $49.24 and a two-hundred day moving average price of $41.81. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 46.79 and a beta of 0.65. Methanex has a 52-week low of $25.46 and a 52-week high of $59.09.

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

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its position 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 purchasing an additional 1,232 shares during the period. NewEdge Advisors LLC bought a new stake in shares of Methanex in the 2nd quarter worth $50,000. Clearstead Advisors LLC lifted its holdings in shares of Methanex by 336.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after buying an additional 1,375 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of 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 valued at $99,000 after buying an additional 1,410 shares during the period. Finally, Barclays PLC boosted its stake in Methanex by 115.3% during the fourth quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after buying an additional 2,249 shares in the last quarter. 73.49% of the stock is owned by institutional investors.

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).