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MEOH

Methanex

$43.19

0.83 (1.96%)

17:28
07/19/19
07/19
17:28
07/19/19
17:28

Methanex reaches final investment decision on methanol plant in Geismar, LA

Methanex Corporation announced that its board of directors reached a unanimous final investment decision to construct a 1.8M tonne methanol plant in Geismar, Louisiana adjacent to its existing Geismar 1 and Geismar 2 facilities. Construction on the Geismar 3 plant will begin later this year and operations are targeted in the second half of 2022. The cost of the project is expected to be between $1.3B-$1.4B including costs of approximately $60M incurred to date. The company has a robust and flexible financing plan for the Geismar 3 project. The company has arranged committed financing for the project with a new five-year $800M construction facility and for the renewal of its existing $300M revolving credit facility, which replaces the company's existing revolving facility, to provide further liquidity. Both facilities have been arranged with a syndicate of banks and will expire in July 2024. In addition, the company expects to access the debt capital markets during the second half of 2019 to pre-fund approximately $250M of the Geismar 3 2020 expenditures and to repay the company's $350M aggregate principal amount of bonds due in December 2019.

  • 01

    Aug

MEOH Methanex
$43.19

0.83 (1.96%)

03/04/19
BMOC
03/04/19
NO CHANGE
Target $70
BMOC
Outperform
BMO says report of Saudi bid for OCI assets has positive read for Methanex
BMO Capital analyst Joel Jackson noted that Bloomberg reports Saudi Arabia's SABIC has offered about $4B for OCI's methanol assets in Europe and Texas. If accurate, applying a similar $1,000/t valuation to Methanex's assets conservatively implies a $90 per share valuation, according to Jackson, who added that OCI's assets could possibly fetch a higher premium due to age and geography. The analyst, who said he is "not sure" why SABIC didn't put an offer in for Methanex, has an Outperform rating and $70 price target on the stock.
06/28/19
BMOC
06/28/19
NO CHANGE
Target $65
BMOC
Outperform
Methanex price target lowered to $65 from $70 at BMO Capital
BMO Capital analyst Joel Jackson lowered his price target for Methanex to $65 from $70 citing this week's reduction in posted methanol prices. The analyst, however, expects methanol prices to rebound through the end of 2020 "considering proximity to the cost curve in China." He keeps an Outperform rating on the shares.
07/11/19
CIBC
07/11/19
DOWNGRADE
CIBC
Neutral
Methanex downgraded to Neutral from Outperformer at CIBC
07/15/19
JEFF
07/15/19
NO CHANGE
Target $48
JEFF
Hold
Methanex price target lowered to $48 from $61 at Jefferies
Jefferies analyst Laurence Alexander lowered his price target for Methanex to $48 from $61 to reflect lower than expected methanol prices stemming from capacity ramp-ups, a weak margin environment, and lower demand from traditional chemicals. The analyst expects supply/demand to loosen further in the second half of 2019 and keeps a Hold rating on Methanex shares.

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