We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Methanex's (MEOH) Trinidad Facility to Remain Idle Indefinitely
Read MoreHide Full Article
Methanex Corporation (MEOH - Free Report) recently announced that it is expecting its Titan methanol facility in Trinidad to remain idle indefinitely. The facility has an annual operating capacity of 875,000 tons.
Methanex will restructure its operations in Trinidad to support a one-plant operation. The company also plans to reduce its workforce in Trinidad by roughly 60 positions filled by employees and long-term contractors.
Methanex has been unable to reach an agreement for longer-term natural gas deal. With the uncertainty associated with the economy recovery path, the company has decided to reduce costs while still making efforts to secure a longer-term gas supply.
The Atlas methanol facility is underpinned by a separate natural gas supply agreement and is unaffected by the change.
Methanex’s operations in Trinidad are well located to supply global methanol markets and are essential for their global production network. Hence, the company remains committed toward its business in Trinidad and Tobago and hopes to secure a longer-term natural gas agreement for Titan. It is taking the required steps for a smooth restart of the plant once an agreement is reached.
Shares of Methanex have gained 10.5% in the past year compared with 22.5% rise of the industry.
Methanex stated, in its last earnings call, that methanol prices have increased leading into the fourth quarter. The uptick was aided by a strong recovery in methanol demand and reduced industry supply resulting in lower global inventory levels.
Methanex also noted that the path and the pace for global economic recovery and methanol demand is uncertain, considering the impacts of the corona virus pandemic and challenging commodity prices. It is focused on preserving liquidity and improving financial flexibility.
Some other top-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 73.5% for the current fiscal. The company’s shares have surged around 159% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of 49.16% for the current fiscal. The company’s shares have gained around 30.2% in the past year. It currently flaunts a Zacks Rank #1.
Impala has an expected earnings growth rate of 131.7% for the current fiscal. The company’s shares have surged around 30.6% in the past year. It currently sports a Zacks Rank #1.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Methanex's (MEOH) Trinidad Facility to Remain Idle Indefinitely
Methanex Corporation (MEOH - Free Report) recently announced that it is expecting its Titan methanol facility in Trinidad to remain idle indefinitely. The facility has an annual operating capacity of 875,000 tons.
Methanex will restructure its operations in Trinidad to support a one-plant operation. The company also plans to reduce its workforce in Trinidad by roughly 60 positions filled by employees and long-term contractors.
Methanex has been unable to reach an agreement for longer-term natural gas deal. With the uncertainty associated with the economy recovery path, the company has decided to reduce costs while still making efforts to secure a longer-term gas supply.
The Atlas methanol facility is underpinned by a separate natural gas supply agreement and is unaffected by the change.
Methanex’s operations in Trinidad are well located to supply global methanol markets and are essential for their global production network. Hence, the company remains committed toward its business in Trinidad and Tobago and hopes to secure a longer-term natural gas agreement for Titan. It is taking the required steps for a smooth restart of the plant once an agreement is reached.
Shares of Methanex have gained 10.5% in the past year compared with 22.5% rise of the industry.
Methanex stated, in its last earnings call, that methanol prices have increased leading into the fourth quarter. The uptick was aided by a strong recovery in methanol demand and reduced industry supply resulting in lower global inventory levels.
Methanex also noted that the path and the pace for global economic recovery and methanol demand is uncertain, considering the impacts of the corona virus pandemic and challenging commodity prices. It is focused on preserving liquidity and improving financial flexibility.
Methanex Corporation Price and Consensus
Methanex Corporation price-consensus-chart | Methanex Corporation Quote
Zacks Rank & Other Key Picks
Methanex currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 73.5% for the current fiscal. The company’s shares have surged around 159% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of 49.16% for the current fiscal. The company’s shares have gained around 30.2% in the past year. It currently flaunts a Zacks Rank #1.
Impala has an expected earnings growth rate of 131.7% for the current fiscal. The company’s shares have surged around 30.6% in the past year. It currently sports a Zacks Rank #1.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>