Methanex (NASDAQ:MEOH) Upgraded to Strong-Buy at Zacks Research

Methanex (NASDAQ:MEOH) (TSE:MX) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other analysts have also weighed in on MEOH. National Bank Financial lifted their price objective on Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group lifted their target price on shares of Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Royal Bank Of Canada reduced their price target on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 1st. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Finally, Canadian Imperial Bank of Commerce raised shares of Methanex from a “neutral” rating to a “sector outperform” rating and raised their target price for the company from $69.00 to $71.00 in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.89.

Methanex Stock Up 2.1%

MEOH stock traded up $1.35 during mid-day trading on Thursday, hitting $64.96. The stock had a trading volume of 579,428 shares, compared to its average volume of 635,802. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 63.07 and a beta of 0.71. The company has a fifty day moving average of $59.61 and a 200 day moving average of $57.75. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83. Methanex has a 1-year low of $32.00 and a 1-year high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a return on equity of 11.35% and a net margin of 2.07%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the firm posted $0.97 earnings per share. The firm’s revenue for the quarter was up 75.0% compared to the same quarter last year. On average, equities analysts expect that Methanex will post 8.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of institutional investors have recently modified their holdings of MEOH. Bank of America Corp DE bought a new position in shares of Methanex during the second quarter worth approximately $56,683,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Methanex during the second quarter worth $53,605,000. Man Group plc acquired a new position in Methanex in the 2nd quarter worth about $35,078,000. BlackRock Inc. acquired a new position in shares of Methanex in the second quarter valued at approximately $26,154,000. Finally, Alberta Investment Management Corp bought a new position in shares of Methanex during the second quarter valued at $19,258,000. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.