- Methanex Corp. (TSX:MX) stock fell to a five-month low after a downgrade from Scotiabank (TSX:BNS)
- The Vancouver-based methanol supplier slid to “sector perform” from “sector outperform” and the price target on its stock was scaled back
- Methanex is the world’s largest producer and supplier of methanol to major international markets in Asia Pacific, North America, Europe, and South America
- Methanex Corp. (MX) opened trading at C$56.29 per share
Methanex Corp. (TSX:MX) stock fell to a five-month low after a downgrade from Scotiabank (TSX:BNS).
The Vancouver, British Columbia-based methanol supplier slid to “sector perform” from “sector outperform” and the price target on its stock was scaled back.
Methanex is the world’s largest producer and supplier of methanol to major international markets in Asia Pacific, North America, Europe and South America.
In its recent Q1 2023 financial filing, the company reported net income attributable to shareholders of C$80.2 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$279.5 million in Q1 2023. The average realized price in the first quarter was C$496.18 per tonne compared to C$498.85 per tonne in Q4 2022. Methanex also noted that its Geismar 3 project is more than 80 per cent complete and is progressing safely, on time and on budget. Production expected by Q4 2023. Click here to read the full details on that news.
Though Methanex Corp. (MX) stock has risen 6.6 per cent year to date, it has fallen 15.4 per cent over the past three months and is down 4.4 per cent from this time last year. MX stock opened trading at C$56.29 per share, falling 5.2 per cent by midday.