JPMorgan Chase & Co. Downgrades Methanex (NASDAQ:MEOH) to Neutral

Key Points

• JPMorgan Chase downgraded Methanex (MEOH) from Overweight to Neutral and set a $65 price target, implying roughly a 0.82% downside from Friday's ~$65.54 share price.
• Methanex missed the quarter with EPS of $0.30 (vs. $0.42 expected) and revenue of $957.4M slightly below forecasts, but analysts remain mixed-to-positive with a MarketBeat consensus of Moderate Buy and an average price target of $61.90.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX was downgraded by analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a note issued to investors on Friday. They presently have a $65.00 price target on the specialty chemicals company's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 0.82% from the stock's current price.

A number of other equities research analysts also recently commented on MEOH. BMO Capital Markets lifted their price objective on Methanex from $65.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, March 18th. Zacks Research upgraded Methanex from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Canadian Imperial Bank of Commerce raised their price target on Methanex from $52.00 to $59.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Royal Bank Of Canada cut Methanex from an "outperform" rating to a "sector perform" rating and lifted their price target for the company from $55.00 to $65.00 in a report on Thursday, April 2nd. Finally, Jefferies Financial Group upped their price objective on shares of Methanex from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.90.

Methanex Stock Performance

Shares of MEOH opened at $65.54 on Friday. The company has a 50-day moving average of $56.48 and a two-hundred day moving average of $46.29. The stock has a market cap of $5.07 billion, a P/E ratio of -133.76 and a beta of 0.56. Methanex has a 12-month low of $30.33 and a 12-month high of $66.75. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.12). The firm had revenue of $957.42 million for the quarter, compared to analysts' expectations of $964.76 million. Methanex had a positive return on equity of 2.92% and a negative net margin of 1.25%.The business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 earnings per share. As a group, research analysts predict that Methanex will post 5.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC purchased a new stake in Methanex during the second quarter valued at about $50,000. Parkside Financial Bank & Trust increased its stake in Methanex by 1,244.4% during the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company's stock worth $53,000 after acquiring an additional 1,232 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company's stock worth $71,000 after purchasing an additional 1,375 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Methanex by 131.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company's stock valued at $99,000 after purchasing an additional 1,410 shares in the last quarter. Finally, AXA S.A. acquired a new position in shares of Methanex in the 2nd quarter valued at about $166,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world's largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company's core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

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