Methanex Corporation (MEOH) - What Are Brokerages Thinking About This Stock?

Key Points

• Analysts maintain a positive outlook: Methanex has a consensus “Moderate Buy” rating from 11 analysts, with six buys, one strong buy and four holds. The average 12-month price target is $70.56.
• Institutional ownership is substantial: Major investors, including Bank of America, Connor Clark & Lunn and Man Group, recently acquired positions, while institutions and hedge funds collectively own 73.49% of the company.
• Shares are trading near their annual high: MEOH opened at $63.08, compared with a 52-week range of $32.00 to $66.75. The latest quarterly results missed analyst expectations slightly, though revenue increased 75% year over year.

Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX has earned a consensus recommendation of "Moderate Buy" from the eleven research firms that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $70.56.

MEOH has been the topic of several recent research reports. Wall Street Zen upgraded Methanex from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 3rd. UBS Group boosted their target price on shares of Methanex from $71.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, October 5th. Weiss Ratings upgraded shares of Methanex from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, October 12th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and set a $77.00 price target on shares of Methanex in a research note on Monday, October 19th. Finally, Royal Bank Of Canada lowered their price target on shares of Methanex from $70.00 to $65.00 and set a "sector perform" rating for the company in a report on Wednesday, July 1st.

Institutional Trading of Methanex

A number of hedge funds have recently bought and sold shares of MEOH. Bank of America Corp DE acquired a new position in shares of Methanex during the second quarter worth about $56,683,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Methanex in the 2nd quarter valued at about $53,605,000. Man Group plc acquired a new stake in shares of Methanex during the second quarter valued at about $35,078,000. BlackRock Inc. acquired a new stake in shares of Methanex during the second quarter valued at about $26,154,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Methanex during the second quarter valued at about $19,258,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Price Performance

Methanex stock opened at $63.08 on Monday. Methanex has a 52 week low of $32.00 and a 52 week high of $66.75. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83. The firm's 50-day simple moving average is $60.43 and its 200 day simple moving average is $57.83. The firm has a market capitalization of $4.88 billion, a PE ratio of 61.24 and a beta of 0.71.

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

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.

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