Methanex (MEOH) Downgraded to “Market Perform” at Cowen

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by investment analysts at Cowen from an “outperform” rating to a “market perform” rating in a report issued on Wednesday. They presently have a $62.00 target price on the specialty chemicals company’s stock, down from their prior target price of $74.00. Cowen’s price target points to a potential upside of 10.67% from the company’s current price.

Several other equities analysts have also issued reports on MEOH. Zacks Investment Research restated a “sell” rating on shares of Methanex in a research report on Monday, December 31st. Tudor Pickering lowered Methanex from a “buy” rating to a “hold” rating in a research report on Friday, February 1st. BidaskClub lowered Methanex from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. TD Securities decreased their target price on Methanex from $77.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Finally, ValuEngine upgraded Methanex from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $78.43.

Shares of MEOH stock opened at $56.02 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.20 and a quick ratio of 0.83. The stock has a market capitalization of $4.32 billion, a P/E ratio of 8.17, a PEG ratio of 0.53 and a beta of 1.62. Methanex has a 12 month low of $45.48 and a 12 month high of $83.23.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 30th. The specialty chemicals company reported $1.15 EPS for the quarter, missing the Zacks’ consensus estimate of $1.75 by ($0.60). The firm had revenue of $977.00 million during the quarter, compared to analyst estimates of $986.13 million. Methanex had a return on equity of 31.00% and a net margin of 14.48%. Methanex’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.70 earnings per share. Equities analysts anticipate that Methanex will post 7.1 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in shares of Methanex by 9.0% in the 3rd quarter. AQR Capital Management LLC now owns 2,441,352 shares of the specialty chemicals company’s stock valued at $192,573,000 after purchasing an additional 200,663 shares during the period. Vanguard Group Inc. grew its position in shares of Methanex by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,201,920 shares of the specialty chemicals company’s stock valued at $174,171,000 after purchasing an additional 16,112 shares during the period. Vanguard Group Inc grew its position in shares of Methanex by 0.7% in the 3rd quarter. Vanguard Group Inc now owns 2,201,920 shares of the specialty chemicals company’s stock valued at $174,171,000 after purchasing an additional 16,112 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its position in shares of Methanex by 8.3% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,079,600 shares of the specialty chemicals company’s stock valued at $110,076,000 after purchasing an additional 82,500 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in shares of Methanex by 35.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 815,579 shares of the specialty chemicals company’s stock valued at $64,333,000 after purchasing an additional 213,820 shares during the period. Institutional investors and hedge funds own 71.89% of the company’s stock.

Methanex Company Profile

Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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