Methanex (NASDAQ:MEOH) Stock Lifted to "Strong-Buy" by Zacks Research

Key Points

• Zacks Research upgraded Methanex to “strong buy” from “hold,” while other brokerages also raised ratings or price targets. The stock carries a consensus “Moderate Buy” rating and an average price target of $69.89.
• Methanex shares rose $1.35 to $64.96, near their 52-week high of $66.75, with a market capitalization of approximately $5.03 billion.
• The company’s latest quarterly results fell slightly short of analyst expectations, reporting $3.87 in earnings per share and $1.40 billion in revenue, although revenue increased 75% year over year. Institutional investors own 73.49% of the stock.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other brokerages have also recently issued reports on MEOH. Wall Street Zen raised shares of Methanex from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 3rd. Canadian Imperial Bank of Commerce raised Methanex from a "neutral" rating to a "sector outperform" rating and boosted their price target for the stock from $69.00 to $71.00 in a research note on Monday, July 20th. National Bank Financial upped their price target on Methanex from $70.00 to $79.00 and gave the stock an "outperform" rating in a report on Friday. UBS Group raised their price objective on Methanex from $71.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, October 5th. Finally, Weiss Ratings raised Methanex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $69.89.

Methanex Price Performance

NASDAQ:MEOH traded up $1.35 during trading hours on Thursday, hitting $64.96. The company's stock had a trading volume of 579,428 shares, compared to its average volume of 635,802. Methanex has a 52-week low of $32.00 and a 52-week high of $66.75. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The business's 50-day moving average is $59.61 and its two-hundred day moving average is $57.75. The company has a market capitalization of $5.03 billion, a PE ratio of 63.07 and a beta of 0.71.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing analysts' consensus estimates of $4.00 by ($0.13). Methanex had a return on equity of 11.35% and a net margin of 2.07%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the company earned $0.97 earnings per share. The business's revenue for the quarter was up 75.0% compared to the same quarter last year. As a group, research analysts anticipate that Methanex will post 8.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Large investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust purchased a new stake in Methanex during the 2nd quarter worth approximately $38,000. Nykredit A S bought a new position in Methanex in the 2nd quarter worth about $83,000. State of Wyoming acquired a new stake in Methanex in the 2nd quarter valued at approximately $153,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Methanex during the first quarter valued at $220,000. Finally, Deutsche Bank AG acquired a new position in Methanex during the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Company Profile

Methanex Corporation NASDAQ: MEOH is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.

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