Methanex Corporation (MEOH) Downgraded to “Market Perform” at Raymond James Financial, Inc.

Raymond James Financial, Inc. cut shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) from an outperform rating to a market perform rating in a research note published on Tuesday. They currently have $60.00 price target on the specialty chemicals company’s stock.

MEOH has been the topic of a number of other reports. Scotiabank set a $53.50 target price on shares of Methanex Corporation and gave the stock a sector perform rating in a report on Thursday, October 26th. TD Securities increased their price objective on shares of Methanex Corporation to $71.00 and gave the stock a buy rating in a report on Monday, September 18th. BidaskClub cut shares of Methanex Corporation from a sell rating to a strong sell rating in a report on Friday, August 18th. Royal Bank Of Canada reaffirmed a hold rating on shares of Methanex Corporation in a report on Friday, August 25th. Finally, Cowen and Company reaffirmed a buy rating and issued a $55.00 price objective on shares of Methanex Corporation in a report on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $54.17.

Methanex Corporation (NASDAQ MEOH) traded up 2.410% on Tuesday, reaching $49.925. 638,692 shares of the company’s stock were exchanged. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 19.426 and a beta of 1.76. Methanex Corporation has a 1-year low of $34.45 and a 1-year high of $53.35. The stock’s 50 day moving average price is $50.77 and its 200 day moving average price is $46.02.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. The company had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $614.19 million. Methanex Corporation had a net margin of 9.81% and a return on equity of 16.02%. The firm’s revenue was up 41.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) earnings per share. On average, analysts expect that Methanex Corporation will post $4.10 earnings per share for the current year.

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Methanex Corporation declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the business. FNY Partners Fund LP acquired a new position in shares of Methanex Corporation in the first quarter worth about $117,000. Turner Investments LLC acquired a new position in shares of Methanex Corporation in the second quarter worth about $221,000. Korea Investment CORP boosted its holdings in shares of Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after buying an additional 101 shares during the period. Comerica Bank boosted its holdings in shares of Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after buying an additional 178 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Methanex Corporation in the first quarter worth about $307,000. Institutional investors own 81.93% of the company’s stock.

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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