Methanex (NASDAQ:MEOH) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a strong sell rating in a research note released on Thursday morning,Zacks.com reports.

A number of other research analysts have also commented on the company. UBS Group cut their target price on Methanex from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, July 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Methanex in a research note on Thursday. National Bank Financial assumed coverage on shares of Methanex in a research report on Friday, September 26th. They set an “outperform” rating and a $47.00 target price on the stock. National Bankshares set a $47.00 price target on shares of Methanex and gave the stock an “outperform” rating in a research report on Thursday, September 25th. Finally, Royal Bank Of Canada raised Methanex from a “sector perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and an average price target of $46.27.

Methanex Stock Down 2.2%

Shares of MEOH opened at $36.79 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. The company has a 50-day simple moving average of $37.53 and a 200-day simple moving average of $35.23. Methanex has a 52 week low of $25.46 and a 52 week high of $54.49. The firm has a market capitalization of $2.85 billion, a P/E ratio of 12.47 and a beta of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.45). Methanex had a net margin of 5.97% and a return on equity of 9.30%. The firm had revenue of $924.87 million for the quarter, compared to the consensus estimate of $977.82 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. The company’s revenue was down .9% on a year-over-year basis. On average, equities research analysts expect that Methanex will post 4.32 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MEOH. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Methanex during the 2nd quarter worth approximately $33,000. CWM LLC acquired a new position in Methanex in the second quarter worth $33,000. SVB Wealth LLC bought a new stake in shares of Methanex during the first quarter worth $38,000. Parkside Financial Bank & Trust increased its stake in shares of Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 1,232 shares in the last quarter. Finally, NewEdge Advisors LLC bought a new position in shares of Methanex in the second quarter valued at about $50,000. Institutional investors 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.