Methanex (MEOH) Downgraded by ValuEngine
Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.
Several other equities analysts also recently commented on MEOH. Scotiabank upped their price objective on Methanex from $53.50 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday. BMO Capital Markets reissued a “buy” rating and set a $57.00 target price on shares of Methanex in a report on Friday, November 24th. BidaskClub cut shares of Methanex from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Royal Bank Of Canada reissued a “hold” rating on shares of Methanex in a report on Wednesday, September 27th. Finally, Zacks Investment Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $55.53.
Methanex (NASDAQ:MEOH) traded up $1.15 during trading on Thursday, reaching $53.25. The company had a trading volume of 728,912 shares, compared to its average volume of 789,563. Methanex has a fifty-two week low of $39.47 and a fifty-two week high of $53.65. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $4,293.33, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 0.92 and a beta of 1.80.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Methanex by 37.3% in the second quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock worth $158,329,000 after purchasing an additional 976,901 shares during the period. Vanguard Group Inc. increased its holdings in shares of Methanex by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock worth $91,090,000 after purchasing an additional 76,132 shares during the period. Neuberger Berman Group LLC increased its holdings in shares of Methanex by 21.3% in the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock worth $70,426,000 after purchasing an additional 281,143 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of Methanex by 0.9% in the second quarter. Great West Life Assurance Co. Can now owns 1,091,259 shares of the specialty chemicals company’s stock worth $48,036,000 after purchasing an additional 9,443 shares during the period. Finally, TD Asset Management Inc. increased its holdings in shares of Methanex by 2.4% in the third quarter. TD Asset Management Inc. now owns 612,576 shares of the specialty chemicals company’s stock worth $30,711,000 after purchasing an additional 14,592 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.
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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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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