Methanex (NASDAQ:MEOH) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Methanex from “buy” to “strong-buy.” Other analysts have issued mixed but generally positive views, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $68.56.
• Methanex opened at $58.43, with a 12-month trading range of $32.00 to $66.75 and a market capitalization of approximately $4.52 billion.
• The company’s latest quarterly results missed estimates, reporting $3.87 in EPS versus the $4.00 consensus and $1.40 billion in revenue versus $1.43 billion expected, although revenue increased 75% year over year.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued reports about the company. Canadian Imperial Bank of Commerce upgraded Methanex from a "neutral" rating to a "sector outperform" rating and increased their price target for the stock from $69.00 to $71.00 in a report on Monday, July 20th. Zacks Research cut Methanex from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Weiss Ratings raised Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 29th. National Bank Financial set a $70.00 target price on Methanex and gave the stock an "outperform" rating in a research note on Monday, July 13th. Finally, UBS Group lifted their target price on Methanex from $70.00 to $71.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Methanex presently has an average rating of "Moderate Buy" and a consensus target price of $68.56.

Methanex Price Performance

MEOH stock opened at $58.43 on Friday. The stock has a market cap of $4.52 billion, a PE ratio of 56.73 and a beta of 0.71. Methanex has a 12 month low of $32.00 and a 12 month high of $66.75. The company has a 50-day moving average price of $57.96 and a 200 day moving average price of $57.33. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings data 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). The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.The business's revenue for the quarter was up 75.0% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. Equities research analysts anticipate that Methanex will post 8.6 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

A number of hedge funds and other institutional investors have recently modified their holdings of MEOH. Bank of America Corp DE bought a new stake in Methanex during the second quarter valued at about $56,683,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Methanex in the second quarter valued at about $53,605,000. Norges Bank purchased a new position in Methanex in the fourth quarter valued at about $34,872,000. Man Group plc bought a new position in Methanex in the second quarter worth about $35,078,000. Finally, BlackRock Inc. bought a new position in Methanex in the second quarter worth about $26,154,000. 73.49% of the stock is currently owned by institutional investors.

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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