Methanex Corporation (NASDAQ:MEOH) Receives a Downgrade
Raymond James cut shares of Methanex Corporation (NASDAQ:MEOH) from their old rating of a Outperform to a Market Perform in an analyst note revealed to clients and investors on Monday morning. They now have a $43.00 TP on the stock.
From a total of 12 analysts covering Methanex Corporation (NASDAQ:MEOH) stock, 10 rate it a ”Buy”, 0 a “Sell”, and 2 a ”Hold”. This means that 83% of the ratings are positive. The highest target price is $80 while the lowest target price is $44. The mean of all analyst targets is $50.83 with a 54.82% above today’s ($32.58) stock price. Methanex Corporation was the topic of 17 analyst reports since July 27, 2015 according to the firm StockzIntelligence Inc. Cowen & Co maintained shares on November 24 with “Buy” rating. Howard Weil upgraded MEOH stock in a recent report from July 27 to “Outperform” rating.
Approximately 1.14M shares of stock traded hands or 16.69% up from the average. Methanex Corporation (USA) (NASDAQ:MEOH) has declined 38.55% since May 11, 2015 and is downtrending. It has underperformed by 34.14% the S&P500.
Methanex Corporation is a Canada-based producer and supplier of methanol to international markets in Asia Pacific, North America, Europe and South America. The company has a market cap of $3.11 billion. The Firm operates three production facilities in New Zealand, which supply methanol primarily to clients in Asia Pacific. It has 9.36 P/E ratio. The Company’s two plants in Trinidad, Titan and Atlas, supply methanol markets in North America, Europe, Asia Pacific and South America.
According to Zacks Investment Research, “Methanex Corp. is a Vancouver based company engaged in the worldwide production and marketing of methanol. Methanol, made from natural gas, is a basic chemical building block used to manufacture products such as formaldehyde, MTBE, acetic acid and others. The Company operates production facilities in Canada, the United States, New Zealand and Chile. The Company also markets additional methanol from plants in the US, Trinidad and Europe.”