Methanex Corporation (MEOH) Cut to “Strong Sell” at BidaskClub

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Friday.

Several other research analysts have also commented on MEOH. ValuEngine upgraded shares of Methanex Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Methanex Corporation in a research note on Monday, May 15th. Royal Bank Of Canada reduced their price objective on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 18th. BMO Capital Markets reiterated a “buy” rating on shares of Methanex Corporation in a research note on Friday, June 30th. Finally, Zacks Investment Research lowered shares of Methanex Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $56.80.

Methanex Corporation (NASDAQ MEOH) traded up 1.39% during midday trading on Friday, hitting $43.90. 245,477 shares of the stock were exchanged. The company has a market cap of $3.78 billion, a PE ratio of 17.08 and a beta of 1.78. Methanex Corporation has a 12 month low of $28.17 and a 12 month high of $53.35. The firm’s 50 day moving average price is $44.63 and its 200 day moving average price is $45.45.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the 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 business had revenue of $669 million during the quarter, compared to the consensus estimate of $772.41 million. During the same quarter in the prior year, the firm posted ($0.34) EPS. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. On average, equities research analysts forecast that Methanex Corporation will post $3.80 earnings per share for the current fiscal year.

Methanex Corporation announced that its board has authorized a stock repurchase program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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A number of hedge funds have recently added to or reduced their stakes in the company. Creative Planning increased its stake in Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares in the last quarter. Quantbot Technologies LP increased its stake in Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after buying an additional 647 shares during the period. FNY Partners Fund LP acquired a new stake in Methanex Corporation during the first quarter valued at approximately $117,000. Turner Investments LLC acquired a new stake in Methanex Corporation during the second quarter valued at approximately $221,000. Finally, Worth Venture Partners LLC acquired a new stake in Methanex Corporation during the first quarter valued at approximately $227,000. 83.91% of the stock is currently owned by 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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