Methanex Corporation (NASDAQ:MEOH) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) from a hold rating to a sell rating in a research report released on Monday, July 17th.

According to Zacks, “Methanex is still exposed to a volatile methanol pricing environment. Moreover, it continues to face headwinds due to curtailment of gas supply. Short-term natural gas supply issues are expected to continue across the company’s Trinidad and Egypt operations. Production outages are also affecting its operations.”

A number of other analysts have also weighed in on MEOH. Cowen and Company reiterated an outperform rating and issued a $60.00 target price on shares of Methanex Corporation in a research note on Tuesday, March 28th. CIBC raised Methanex Corporation from a sector perform rating to a sector outperform rating and raised their price objective for the company from $45.00 to $56.00 in a research report on Wednesday, March 29th. Scotiabank reiterated a sector perform rating and issued a $51.00 price target on shares of Methanex Corporation in a research note on Wednesday, March 29th. TD Securities raised their price objective on Methanex Corporation from $50.00 to $71.00 and gave the stock a hold rating in a research note on Tuesday, April 4th. Finally, Raymond James Financial, Inc. reiterated an outperform rating and set a $80.00 price target on shares of Methanex Corporation in a research report on Monday, April 10th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Methanex Corporation presently has a consensus rating of Hold and an average price target of $56.80.

Shares of Methanex Corporation (MEOH) traded up 0.92% during trading on Monday, reaching $43.90. 582,555 shares of the company traded hands. Methanex Corporation has a 12-month low of $28.17 and a 12-month high of $53.35. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 17.08 and a beta of 1.78. The company has a 50 day moving average price of $44.48 and a 200 day moving average price of $45.59.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The company had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same quarter in the previous year, the company posted ($0.34) EPS. The business’s quarterly revenue was up 42.9% on a year-over-year basis. On average, equities analysts predict that Methanex Corporation will post $3.80 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Saturday, September 16th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.73%. Methanex Corporation’s dividend payout ratio is currently 47.81%.

Methanex Corporation announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in the stock. Montrusco Bolton Investments Inc. boosted its stake in shares of Methanex Corporation by 3.2% in the first quarter. Montrusco Bolton Investments Inc. now owns 114,807 shares of the specialty chemicals company’s stock worth $5,364,000 after buying an additional 3,515 shares during the period. BB&T Corp increased its stake in Methanex Corporation by 7.1% in the first quarter. BB&T Corp now owns 22,400 shares of the specialty chemicals company’s stock valued at $1,050,000 after buying an additional 1,484 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Methanex Corporation during the first quarter valued at approximately $388,000. Korea Investment CORP bought a new stake in Methanex Corporation during the first quarter valued at approximately $260,000. Finally, First Manhattan Co. increased its stake in Methanex Corporation by 104.3% in the first quarter. First Manhattan Co. now owns 35,662 shares of the specialty chemicals company’s stock valued at $1,272,000 after buying an additional 18,207 shares in the last quarter. 82.92% of the stock is owned by hedge funds and other institutional investors.

Methanex Corporation Company Profile

Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.

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