Scotiabank Downgrades Methanex (NASDAQ:MEOH) to Sector Perform

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by Scotiabank from a “sector outperform” rating to a “sector perform” rating in a note issued to investors on Monday, MarketBeat Ratings reports. They currently have a $53.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $66.00. Scotiabank’s target price suggests a potential upside of 45.13% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Piper Sandler boosted their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Raymond James boosted their price target on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. CIBC reissued an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. Finally, Barclays boosted their price target on Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 10th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.63.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $36.52 on Monday. The stock has a market capitalization of $2.46 billion, a PE ratio of 15.81 and a beta of 1.39. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. The business has a fifty day moving average price of $47.44 and a two-hundred day moving average price of $44.82. Methanex has a fifty-two week low of $35.67 and a fifty-two week high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating 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%. As a group, equities analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Polar Asset Management Partners Inc. grew its position in shares of Methanex by 81.0% in the 4th 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 last quarter. Value Partners Investments Inc. grew its position in shares of 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 buying an additional 411 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Methanex by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock valued at $53,770,000 after buying an additional 226,349 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Methanex by 98.4% in the 4th 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 buying an additional 25,973 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Methanex by 1.4% in 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. 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.