Methanex (MEOH) Downgraded to “Hold” at BidaskClub
Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Monday.
Several other analysts also recently issued reports on MEOH. TD Securities lifted their price target on shares of Methanex to $71.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Zacks Investment Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Royal Bank of Canada reissued a “hold” rating on shares of Methanex in a research report on Wednesday, September 27th. Scotiabank reissued a “sector perform” rating and issued a $67.00 price target on shares of Methanex in a research report on Wednesday, October 4th. Finally, Cowen reissued an “outperform” rating and issued a $58.00 price target (up previously from $55.00) on shares of Methanex in a research report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Methanex has an average rating of “Hold” and an average target price of $57.20.
Shares of Methanex (NASDAQ:MEOH) traded up $0.45 during mid-day trading on Monday, hitting $61.25. 706,242 shares of the stock traded hands, compared to its average volume of 638,844. The firm has a market cap of $5,141.08, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 0.83 and a beta of 1.82. Methanex has a one year low of $39.47 and a one year high of $64.40. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83.
Institutional investors and hedge funds have recently bought and sold shares of the business. ETRADE Capital Management LLC purchased a new position in Methanex during the 3rd quarter worth $241,000. AHL Partners LLP purchased a new position in Methanex during the 2nd quarter worth $300,000. PNC Financial Services Group Inc. raised its stake in shares of Methanex by 3.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,948 shares of the specialty chemicals company’s stock worth $305,000 after purchasing an additional 259 shares during the period. Quantitative Investment Management LLC bought a new stake in shares of Methanex during the 2nd quarter worth $321,000. Finally, Guardian Capital Advisors LP raised its stake in shares of Methanex by 43.0% during the 3rd quarter. Guardian Capital Advisors LP now owns 7,455 shares of the specialty chemicals company’s stock worth $475,000 after purchasing an additional 2,240 shares during the period. 83.12% 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.
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