Methanex (NASDAQ:MEOH) Shares Up 12.7% Following Analyst Upgrade

Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX shares rose 12.7% during mid-day trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $38.00 price target on the stock. Methanex traded as high as $37.36 and last traded at $38.1850. Approximately 430,274 shares traded hands during trading, a decline of 19% from the average daily volume of 532,069 shares. The stock had previously closed at $33.88.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group raised their price objective on shares of Methanex from $45.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. National Bankshares set a $47.00 price objective on shares of Methanex and gave the company an "outperform" rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a "hold (c)" rating on shares of Methanex in a research report on Wednesday, October 8th. Zacks Research downgraded Methanex from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, October 15th. Finally, Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.45.

Check Out Our Latest Research Report on MEOH

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in shares of Methanex by 41.8% in the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock worth $44,798,000 after purchasing an additional 376,365 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Methanex by 225,333.3% during the first quarter. Acadian Asset Management LLC now owns 33,815 shares of the specialty chemicals company's stock worth $1,183,000 after acquiring an additional 33,800 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Methanex in the first quarter valued at about $702,000. Value Partners Investments Inc. increased its position in Methanex by 150.1% in the 2nd quarter. Value Partners Investments Inc. now owns 19,272 shares of the specialty chemicals company's stock worth $637,000 after purchasing an additional 11,567 shares during the last quarter. Finally, Addenda Capital Inc. lifted its holdings in shares of Methanex by 27.3% during the 2nd quarter. Addenda Capital Inc. now owns 203,000 shares of the specialty chemicals company's stock valued at $6,719,000 after buying an additional 43,532 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Stock Up 13.3%

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 12.97 and a beta of 0.94. The business has a fifty day moving average of $37.24 and a 200 day moving average of $34.54.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.45). The company had revenue of $924.87 million during the quarter, compared to the consensus estimate of $977.82 million. Methanex had a net margin of 5.97% and a return on equity of 9.30%. The firm's revenue was down .9% on a year-over-year basis. During the same period in the previous year, the business posted $1.21 earnings per share. On average, equities analysts predict that Methanex Corporation will post 4.32 earnings per share for the current year.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.

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