Methanex (NASDAQ:MEOH) Stock Rating Lowered 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 research report issued to clients and investors on Monday,Briefing.com Automated Import reports. They presently have a $53.00 price objective on the specialty chemicals company’s stock. Scotiabank’s price objective would indicate a potential upside of 25.44% from the company’s previous close.

Several other equities research analysts also recently issued reports on MEOH. UBS Group boosted their price objective on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research note on Friday, January 31st. Piper Sandler upped their price target on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Raymond James lifted their price objective on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. Finally, CIBC reissued an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $60.63.

Methanex Trading Up 1.3 %

NASDAQ:MEOH opened at $42.25 on Monday. The stock’s 50 day moving average price is $47.96 and its 200 day moving average price is $44.95. The company has a market capitalization of $2.85 billion, a PE ratio of 18.29 and a beta of 1.38. Methanex has a 52-week low of $36.13 and a 52-week high of $56.43. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. On average, research analysts anticipate that Methanex will post 4.32 EPS for the current year.

Institutional Investors Weigh In On Methanex

Large investors have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. boosted its stake in Methanex by 81.0% during the fourth quarter. Polar Asset Management Partners Inc. now owns 188,773 shares of the specialty chemicals company’s stock valued at $9,427,000 after buying an additional 84,462 shares during the period. Value Partners Investments Inc. grew its holdings in shares of Methanex by 7.3% during the 4th quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company’s stock valued at $302,000 after purchasing an additional 411 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock worth $53,770,000 after buying an additional 226,349 shares during the period. Public Employees Retirement System of Ohio lifted its position in Methanex by 98.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 52,370 shares of the specialty chemicals company’s stock valued at $2,616,000 after purchasing an additional 25,973 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Methanex by 1.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 71,134 shares of the specialty chemicals company’s stock valued at $3,552,000 after buying an additional 965 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.