Methanex Corporation (NASDAQ:MEOH) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Methanex Corporation (NASDAQ:MEOH) has received an average rating of "Buy" from thirteen brokerages, with a target price averaging $46.00.
• Institutional investors hold a significant 73.49% of Methanex's stock, showing strong interest from large investors in the company.
• The company reported earnings of $0.97 per share for the last quarter, significantly exceeding analysts' expectations of $0.42.

Shares of Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX have been given an average recommendation of "Buy" by the thirteen brokerages that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $46.00.

Several brokerages have commented on MEOH. Jefferies Financial Group raised their target price on shares of Methanex from $45.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Zacks Research upgraded shares of Methanex from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Methanex in a research report on Wednesday, October 8th. CIBC boosted their target price on shares of Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. Finally, Royal Bank Of Canada raised Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research report on Friday, August 1st.

Hedge Funds Weigh In On Methanex

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Methanex by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,131,471 shares of the specialty chemicals company's stock worth $74,740,000 after purchasing an additional 14,611 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its position in Methanex by 66.4% in the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company's stock worth $67,577,000 after buying an additional 814,877 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Methanex by 35.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company's stock valued at $57,209,000 after buying an additional 451,728 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Methanex by 28.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company's stock valued at $51,960,000 after buying an additional 343,876 shares during the period. Finally, Encompass Capital Advisors LLC grew its holdings in shares of Methanex by 11.9% during the 2nd quarter. Encompass Capital Advisors LLC now owns 1,118,102 shares of the specialty chemicals company's stock valued at $37,009,000 after acquiring an additional 118,797 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $35.57 on Thursday. The stock's fifty day simple moving average is $36.99 and its 200 day simple moving average is $34.13. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 10.49 and a beta of 0.94. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. Methanex has a 52-week low of $25.46 and a 52-week high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.55. The business had revenue of $808.46 million during the quarter, compared to analyst estimates of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.Methanex's revenue for the quarter was down 13.4% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. As a group, sell-side analysts forecast that Methanex will post 4.32 earnings per share for the current fiscal year.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. 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.

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