Methanex had a terrible 2019 (-40%) despite a great year for the TSX. In fact, the downtrend began about three quarters of the way through 2018.
At the moment, it looks fairly valued. Although its current P/E of 13.57 looks cheap, it is expected to post lower earnings in 2020 which leads to a forward P/E of 16.92. Likewise, it is trading at a fair 2 times book value.
Methanex is a play on Methanol. Since the price of methanol is trading near multi-year lows and has struggled to gain a footing, analysts have been consistently revising their estimates downwards. The good news is that Methanex is well positioned to weather a prolonged bear market. The bad news is that the share price won't recover until there are signs that the price of Methanol will recover.
This is a highly volatile company. It certainly has the potential for outsized gains in a short period of time, especially if the macro economics change. Case in point, look at how gold stocks fared recently - once they got started, it didn't take long for them to run up. It did however, take the price of gold to break through key resistance points for this to happen and it took a couple of years of stagnation.
The dividend is also attractive, and appears to be well covered by cash flows. If you have a high risk profile, Methanex could be one to look at as bearish sentiment appears to be bottoming. For a company like this, it is best to average into a position and use stop losses to limit your downside.