Methanex (NASDAQ:MEOH) Stock Falls 3% – Here’s Why

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)’s share price traded down 3% during mid-day trading on Tuesday. The company traded as low as $63.27 and last traded at $62.55. 50,816 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,005,777 shares. The stock had previously closed at $64.49.

Analyst Ratings Changes

Several brokerages recently commented on MEOH. Royal Bank Of Canada dropped their price target on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $77.00 price objective on shares of Methanex in a research note on Monday. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Weiss Ratings raised Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. Finally, Zacks Research upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Methanex currently has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Methanex Stock Down 0.3%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The firm has a market cap of $4.88 billion, a PE ratio of 61.30 and a beta of 0.71. The stock has a fifty day moving average price of $60.16 and a 200-day moving average price of $57.81.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing the consensus estimate of $4.00 by ($0.13). The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. The company’s quarterly revenue was up 75.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 EPS. Research analysts expect that Methanex Corporation will post 8.73 EPS for the current year.

Institutional Investors Weigh In On Methanex

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE acquired a new position in shares of Methanex during the 2nd quarter valued at $56,683,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Methanex during the 2nd quarter worth $53,605,000. Man Group plc purchased a new stake in Methanex during the 2nd quarter worth $35,078,000. BlackRock Inc. acquired a new stake in Methanex in the 2nd quarter valued at $26,154,000. Finally, Alberta Investment Management Corp acquired a new stake in Methanex in the 2nd quarter valued at $19,258,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.