Methanex Co. (MEOH) Lowered to “Hold” at Zacks Investment Research
Methanex Co. (NASDAQ:MEOH) (TSE:MX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Estimates for the current year earnings of Methanex have been going down lately. The company has outperformed the Zacks categorized Chemicals-Diversified industry over the past six months. Methanex should gain from healthy demand fundamentals for methanol. We are also optimistic about its Louisiana project, which is expected to create significant value for shareholders and meaningfully contribute to cash generation. The company also remains committed to boost shareholder returns. However, Methanex is still exposed to a volatile methanol pricing environment. Moreover, it continues to face headwinds due to curtailment of gas supply. Production outages are also affecting its operations.”
Several other research firms have also recently issued reports on MEOH. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 price target on shares of Methanex in a research note on Monday, May 15th. Sanford C. Bernstein initiated coverage on Methanex in a research note on Wednesday, May 10th. They issued an “underperform” rating and a $36.00 price target for the company. TheStreet upgraded Methanex from a “c” rating to a “b” rating in a report on Tuesday, May 2nd. Scotiabank restated a “sector perform” rating and issued a $72.00 price objective on shares of Methanex in a report on Wednesday, May 3rd. Finally, Royal Bank of Canada cut their price objective on Methanex from $57.00 to $54.00 and set a “sector perform” rating for the company in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $58.33.
Shares of Methanex (NASDAQ:MEOH) traded up 0.68% during midday trading on Tuesday, hitting $44.40. The company had a trading volume of 377,139 shares. The stock’s 50-day moving average price is $45.03 and its 200-day moving average price is $45.49. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 28.01 and a beta of 1.91. Methanex has a 12 month low of $26.83 and a 12 month high of $53.35.
Methanex (NASDAQ:MEOH) last issued its quarterly earnings data on Wednesday, April 26th. The specialty chemicals company reported $1.56 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.18. The firm had revenue of $810 million during the quarter, compared to the consensus estimate of $833.32 million. Methanex had a negative return on equity of 1.82% and a negative net margin of 0.63%. The firm’s revenue was up 86.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.27) EPS. On average, equities research analysts forecast that Methanex will post $4.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.72%. This is an increase from Methanex’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, June 14th. Methanex’s dividend payout ratio (DPR) is presently -846.15%.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning increased its position in shares of Methanex by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the last quarter. Quantbot Technologies LP increased its stake in Methanex by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after buying an additional 647 shares in the last quarter. FNY Partners Fund LP bought a new stake in Methanex during the first quarter worth about $117,000. WFG Advisors LP increased its stake in Methanex by 490.2% in the fourth quarter. WFG Advisors LP now owns 3,919 shares of the specialty chemicals company’s stock worth $149,000 after buying an additional 3,255 shares in the last quarter. Finally, Worth Venture Partners LLC bought a new stake in Methanex during the first quarter worth about $227,000. 86.42% of the stock is owned by hedge funds and other institutional investors.
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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