Methanex (NASDAQ:MEOH) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a strong-buy rating in a report published on Thursday,Zacks reports.

Other analysts have also issued reports about the company. National Bank Financial lifted their price target on Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. UBS Group raised their target price on Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Canadian Imperial Bank of Commerce upgraded Methanex from a “neutral” rating to a “sector outperform” rating and lifted their target price for the stock from $69.00 to $71.00 in a research note on Monday, July 20th. Finally, Weiss Ratings raised shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.89.

Methanex Stock Up 2.1%

NASDAQ:MEOH traded up $1.35 on Thursday, hitting $64.96. The stock had a trading volume of 579,428 shares, compared to its average volume of 635,802. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The stock has a market cap of $5.03 billion, a P/E ratio of 63.07 and a beta of 0.71. Methanex has a 1 year low of $32.00 and a 1 year high of $66.75. The firm’s fifty day simple moving average is $59.61 and its two-hundred day simple moving average is $57.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.00 by ($0.13). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.97 earnings per share. Analysts predict that Methanex will post 8.73 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

Several institutional investors and hedge funds have recently bought and sold shares of MEOH. BlackRock Inc. bought a new position in shares of Methanex during the 2nd quarter worth $26,154,000. Bank of America Corp DE increased its holdings in Methanex by 202.3% in the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock worth $40,571,000 after acquiring an additional 455,975 shares during the last quarter. Engineers Gate Manager LP raised its stake in Methanex by 482.8% in the 2nd quarter. Engineers Gate Manager LP now owns 75,384 shares of the specialty chemicals company’s stock valued at $3,479,000 after acquiring an additional 62,449 shares during the period. Wealth High Governance Asset Management Ltda. bought a new stake in Methanex in the 1st quarter valued at about $2,131,000. Finally, Readystate Asset Management LP purchased a new stake in Methanex during the second quarter valued at about $2,255,000. 73.49% of the stock is owned by institutional investors.

Methanex Company Profile

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.