Methanex (MEOH) Lowered to Hold at TD Securities

TD Securities downgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a buy rating to a hold rating in a research note published on Monday morning, MarketBeat.com reports. The firm currently has $66.00 target price on the specialty chemicals company’s stock. The analysts noted that the move was a valuation call.

MEOH has been the topic of several other research reports. Scotiabank set a $53.50 price objective on shares of Methanex and gave the stock a sector perform rating in a report on Thursday, October 26th. Cowen restated an outperform rating and set a $58.00 price objective (up previously from $55.00) on shares of Methanex in a report on Monday, October 9th. Raymond James Financial downgraded shares of Methanex from an outperform rating to a market perform rating and set a $60.00 price objective on the stock. in a report on Tuesday, October 31st. BidaskClub upgraded shares of Methanex from a buy rating to a strong-buy rating in a report on Friday, December 22nd. Finally, UBS Group upped their price objective on shares of Methanex from $42.00 to $44.00 and gave the stock a sell rating in a report on Friday, October 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Methanex currently has an average rating of Hold and an average price target of $56.93.

Methanex (NASDAQ:MEOH) traded down $1.10 on Monday, reaching $61.30. 949,578 shares of the company’s stock traded hands, compared to its average volume of 551,687. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.17 and a current ratio of 1.59. Methanex has a 1 year low of $39.47 and a 1 year high of $64.40. The firm has a market capitalization of $5,130.00, a P/E ratio of 19.97, a price-to-earnings-growth ratio of 0.92 and a beta of 1.81.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. Methanex had a net margin of 9.81% and a return on equity of 16.02%. The firm had revenue of $720.00 million for the quarter, compared to the consensus estimate of $614.19 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The business’s revenue was up 41.2% on a year-over-year basis. analysts forecast that Methanex will post 3.85 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th were issued a $0.30 dividend. The ex-dividend date was Thursday, December 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.96%. Methanex’s dividend payout ratio is currently 39.09%.

Several hedge funds have recently made changes to their positions in MEOH. Gotham Asset Management LLC purchased a new stake in shares of Methanex in the second quarter valued at about $23,031,000. Renaissance Technologies LLC raised its holdings in shares of Methanex by 98.4% in the second quarter. Renaissance Technologies LLC now owns 378,098 shares of the specialty chemicals company’s stock valued at $16,659,000 after purchasing an additional 187,500 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Methanex by 53.2% in the third quarter. Canada Pension Plan Investment Board now owns 380,459 shares of the specialty chemicals company’s stock valued at $19,074,000 after purchasing an additional 132,101 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Methanex by 3,077.5% in the second quarter. JPMorgan Chase & Co. now owns 97,072 shares of the specialty chemicals company’s stock valued at $4,277,000 after purchasing an additional 94,017 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Methanex by 29.3% in the second quarter. Ameriprise Financial Inc. now owns 405,236 shares of the specialty chemicals company’s stock valued at $17,852,000 after purchasing an additional 91,829 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

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About Methanex

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.

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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