Methanex (NASDAQ:MEOH) Downgraded by Scotiabank to Sector Perform

Methanex (NASDAQ:MEOH) (TSE:MX) was downgraded by stock analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Monday,Briefing.com Automated Import reports. They currently have a $53.00 target price on the specialty chemicals company’s stock. Scotiabank’s price target would suggest a potential upside of 25.44% from the company’s previous close.

A number of other analysts have also recently commented on MEOH. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research note on Friday, January 31st. Raymond James lifted their price target on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, January 14th. UBS Group boosted their target price on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, February 7th. CIBC reaffirmed 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 company an “equal weight” rating in a research note on Monday, February 10th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.63.

Methanex Trading Up 1.3 %

Shares of MEOH opened at $42.25 on Monday. Methanex has a 52-week low of $36.13 and a 52-week high of $56.43. The stock has a fifty day moving average price of $47.96 and a two-hundred day moving average price of $44.95. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 18.29 and a beta of 1.38. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) 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%. Analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently made changes to their positions in MEOH. Polar Asset Management Partners Inc. lifted 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 worth $9,427,000 after purchasing an additional 84,462 shares during the last quarter. Value Partners Investments Inc. boosted its stake 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 in the last quarter. Mackenzie Financial Corp boosted its position in Methanex by 26.6% during 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 acquiring an additional 226,349 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings 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 worth $2,616,000 after purchasing an additional 25,973 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Methanex by 1.4% during the fourth 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 purchasing an additional 965 shares in the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

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.