Methanex (NASDAQ:MEOH) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded Methanex from a "strong sell" to a "hold"; the stock's consensus rating is a "Moderate Buy" with a consensus target price of $55.50, and several firms (UBS, BMO) have raised price targets to around $70.
• Methanex reported a quarterly earnings miss—EPS of ($0.14) vs. $0.81 expected and revenue of $968.8M vs. $1.03B expected—yet sell-side analysts still project about 4.32 EPS for the current year.
• The shares trade near $57.59 with a market capitalization of $4.46 billion and high institutional ownership of 73.49%, highlighting significant professional investor interest.

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

Several other research firms have also weighed in on MEOH. UBS Group boosted their price objective on shares of Methanex from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Royal Bank Of Canada lowered shares of Methanex from an "outperform" rating to a "sector perform" rating and boosted their price objective for the stock from $55.00 to $65.00 in a research note on Thursday, April 2nd. BMO Capital Markets boosted their price objective on shares of Methanex from $65.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 18th. Scotiabank restated an "outperform" rating on shares of Methanex in a research note on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Methanex in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.50.

Methanex Stock Up 1.2%

Methanex stock opened at $57.59 on Tuesday. The firm has a market capitalization of $4.46 billion, a PE ratio of 50.96 and a beta of 0.56. The company's 50-day moving average is $53.99 and its 200-day moving average is $44.74. Methanex has a fifty-two week low of $26.47 and a fifty-two week high of $66.75. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.06 and a quick ratio of 1.37.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). The firm had revenue of $968.81 million for the quarter, compared to analyst estimates of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.24 earnings per share. Sell-side analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Institutional Trading of Methanex

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its stake in Methanex by 33.3% in the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company's stock valued at $80,000 after purchasing an additional 500 shares during the last quarter. Value Partners Investments Inc. lifted its stake in Methanex by 3.0% in the 3rd quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company's stock valued at $789,000 after purchasing an additional 570 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Methanex by 61.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company's stock valued at $85,000 after acquiring an additional 812 shares during the period. Franklin Resources Inc. increased its position in Methanex by 8.2% in the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company's stock valued at $425,000 after acquiring an additional 813 shares during the period. Finally, Amundi increased its position in Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company's stock valued at $800,000 after acquiring an additional 848 shares during the period. Institutional investors own 73.49% of the company's stock.

About Methanex

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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