Methanex Corporation (MEOH) Cut to Sell at Zacks Investment Research
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Methanex is still exposed to a volatile methanol pricing environment. Moreover, it continues to face headwinds due to curtailment of gas supply. Short-term natural gas supply issues are expected to continue across the company’s Trinidad and Egypt operations. Production outages are also affecting its operations.”
Several other equities analysts have also recently issued reports on MEOH. Monness Crespi & Hardt raised shares of Methanex Corporation from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Monday, April 17th. UBS AG reaffirmed a “sell” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Methanex Corporation in a research note on Friday, April 28th. Citigroup Inc. reiterated a “neutral” rating and issued a $45.00 target price (down from $50.00) on shares of Methanex Corporation in a report on Thursday, June 1st. BidaskClub upgraded shares of Methanex Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $72.00 target price on shares of Methanex Corporation in a report on Thursday, April 27th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Methanex Corporation presently has a consensus rating of “Hold” and an average target price of $55.23.
Shares of Methanex Corporation (NASDAQ MEOH) traded up 2.069% on Monday, reaching $45.625. 500,424 shares of the company’s stock traded hands. Methanex Corporation has a 52 week low of $26.83 and a 52 week high of $53.35. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 28.785 and a beta of 1.78. The company has a 50 day moving average price of $42.20 and a 200 day moving average price of $45.74.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, April 26th. The specialty chemicals company reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.18. The firm had revenue of $810 million for the quarter, compared to analysts’ expectations of $833.32 million. Methanex Corporation had a net margin of 6.01% and a return on equity of 7.04%. Methanex Corporation’s quarterly revenue was up 86.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.27) EPS. On average, equities research analysts predict that Methanex Corporation will post $4.38 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in MEOH. World Asset Management Inc raised its position in Methanex Corporation by 0.8% in the first quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock worth $262,000 after buying an additional 46 shares in the last quarter. Creative Planning raised its position in shares of Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 152 shares during the period. Comerica Bank raised its position in shares of Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after buying an additional 178 shares during the period. Quantbot Technologies LP raised its position in shares of Methanex Corporation 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 during the period. Finally, Gulf International Bank UK Ltd raised its position in shares of Methanex Corporation by 2.5% in the first quarter. Gulf International Bank UK Ltd now owns 28,284 shares of the specialty chemicals company’s stock worth $1,323,000 after buying an additional 700 shares during the period. 82.06% of the stock is currently owned by institutional investors.
Methanex Corporation Company Profile
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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