Methanex (NASDAQ:MEOH) Cut to “Underweight” at Piper Sandler

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued on Tuesday, Briefing.com reports. They presently have a $48.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $49.00. Piper Sandler’s price target points to a potential downside of 0.48% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Royal Bank of Canada raised their price target on Methanex from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, April 1st. StockNews.com downgraded Methanex from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 5th. TheStreet raised Methanex from a “c+” rating to a “b-” rating in a research report on Monday, January 31st. Tudor Pickering & Holt set a $44.00 price target on Methanex and gave the company a “hold” rating in a research report on Wednesday, January 26th. Finally, Barclays raised their price target on Methanex from $60.00 to $63.00 in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Methanex has an average rating of “Hold” and a consensus price target of $52.23.

Methanex stock opened at $48.23 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.28 and a quick ratio of 1.82. The firm has a market capitalization of $3.53 billion, a P/E ratio of 7.60 and a beta of 1.71. Methanex has a one year low of $29.61 and a one year high of $56.79. The stock’s fifty day simple moving average is $53.10.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last posted its earnings results on Wednesday, April 27th. The specialty chemicals company reported $2.16 EPS for the quarter, topping the consensus estimate of $2.00 by $0.16. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. Methanex had a net margin of 10.87% and a return on equity of 27.41%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. Equities research analysts forecast that Methanex will post 6.22 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. bought a new position in Methanex during the first quarter worth about $27,000. Koshinski Asset Management Inc. bought a new position in Methanex during the fourth quarter worth about $34,000. C M Bidwell & Associates Ltd. bought a new position in Methanex during the third quarter worth about $41,000. Advisor Group Holdings Inc. lifted its stake in Methanex by 404.8% during the third quarter. Advisor Group Holdings Inc. now owns 1,464 shares of the specialty chemicals company’s stock worth $67,000 after purchasing an additional 1,174 shares during the period. Finally, BNP Paribas Arbitrage SA bought a new position in Methanex during the third quarter worth about $146,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.

Methanex Company Profile (Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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