Methanex (NASDAQ:MEOH) Lowered to Sector Perform Rating by Scotiabank

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by investment analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report issued on Monday,Briefing.com Automated Import reports. They currently have a $53.00 price target on the specialty chemicals company’s stock. Scotiabank’s target price indicates a potential upside of 25.44% from the company’s previous close.

MEOH has been the topic of a number of other research reports. CIBC reiterated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Barclays boosted their price objective on Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Friday, January 31st. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler raised their target price on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.63.

Methanex Stock Up 1.3 %

MEOH stock opened at $42.25 on Monday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 18.29 and a beta of 1.38. The business’s 50-day moving average is $47.96 and its two-hundred day moving average is $44.95.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. As a group, analysts forecast that Methanex will post 4.32 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

Several large investors have recently made changes to their positions in the business. Pictet Asset Management Holding SA grew its stake in shares of Methanex by 2.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 11,463 shares of the specialty chemicals company’s stock valued at $573,000 after purchasing an additional 293 shares during the period. Blue Trust Inc. boosted its holdings in Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after buying an additional 371 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Methanex by 3.4% in the 4th quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company’s stock valued at $588,000 after buying an additional 383 shares in the last quarter. PCJ Investment Counsel Ltd. lifted its stake in Methanex by 3.6% in the fourth quarter. PCJ Investment Counsel Ltd. now owns 11,800 shares of the specialty chemicals company’s stock valued at $589,000 after buying an additional 410 shares in the last quarter. Finally, Value Partners Investments Inc. lifted its stake in Methanex by 7.3% in the 4th quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company’s stock valued at $302,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.