Methanex (NASDAQ:MEOH) Lifted to “Buy” at StockNews.com

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Other research analysts have also issued reports about the stock. Scotiabank lowered shares of Methanex from a “sector outperform” rating to a “sector perform” rating and set a $50.00 price target for the company. in a research report on Tuesday, May 31st. Jefferies Financial Group boosted their price target on shares of Methanex from $67.00 to $73.00 in a research report on Thursday, June 16th. Raymond James dropped their price objective on shares of Methanex from $58.00 to $50.00 and set a “market perform” rating for the company in a report on Friday, July 29th. Piper Sandler dropped their price objective on shares of Methanex from $48.00 to $40.00 and set an “underweight” rating for the company in a report on Friday, July 29th. Finally, Royal Bank of Canada dropped their price objective on shares of Methanex from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.23.

Methanex Stock Performance

Shares of NASDAQ:MEOH traded down $0.21 during mid-day trading on Thursday, reaching $31.15. The company had a trading volume of 436,697 shares, compared to its average volume of 471,999. The company has a current ratio of 2.35, a quick ratio of 1.77 and a debt-to-equity ratio of 0.90. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 4.83 and a beta of 1.66. The company’s 50-day moving average price is $36.82 and its 200-day moving average price is $44.76. Methanex has a one year low of $31.10 and a one year high of $56.79.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last released its quarterly earnings data on Wednesday, July 27th. The specialty chemicals company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.69). Methanex had a net margin of 11.10% and a return on equity of 24.76%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.18 billion. As a group, equities research analysts anticipate that Methanex will post 4.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently bought and sold shares of MEOH. Mackenzie Financial Corp grew its holdings in Methanex by 60.7% in the first quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock worth $89,072,000 after purchasing an additional 616,146 shares during the period. Renaissance Technologies LLC grew its holdings in Methanex by 415.6% in the fourth quarter. Renaissance Technologies LLC now owns 433,848 shares of the specialty chemicals company’s stock worth $17,159,000 after purchasing an additional 349,700 shares during the period. Victory Capital Management Inc. purchased a new stake in Methanex in the first quarter worth about $18,214,000. Millennium Management LLC grew its holdings in Methanex by 810.5% in the second quarter. Millennium Management LLC now owns 354,256 shares of the specialty chemicals company’s stock worth $13,540,000 after purchasing an additional 315,350 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in Methanex by 72.3% in the first quarter. Acadian Asset Management LLC now owns 494,842 shares of the specialty chemicals company’s stock worth $26,993,000 after purchasing an additional 207,580 shares during the period. Hedge funds and other institutional investors own 72.41% of the company’s stock.

About Methanex

(Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities. The company owns and manages a fleet of approximately 30 ocean-going vessels.

See Also

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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