Methanex (NASDAQ:MEOH) Price Target Raised to $70.00
by Michael Walen · The Markets DailyMethanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) had its price objective upped by equities researchers at BMO Capital Markets from $65.00 to $70.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ price target suggests a potential upside of 31.49% from the company’s current price.
A number of other equities research analysts also recently issued reports on the company. UBS Group upped their price objective on Methanex from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Jefferies Financial Group lifted their target price on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Zacks Research raised Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Raymond James Financial increased their price target on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, March 10th. Finally, Royal Bank Of Canada raised their price target on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Methanex presently has a consensus rating of “Moderate Buy” and an average target price of $52.36.
Check Out Our Latest Stock Analysis on Methanex
Methanex Price Performance
Shares of Methanex stock traded up $2.04 during trading hours on Wednesday, reaching $53.24. The company’s stock had a trading volume of 605,038 shares, compared to its average volume of 830,574. The firm has a 50 day moving average price of $49.07 and a 200-day moving average price of $41.73. Methanex has a one year low of $25.46 and a one year high of $59.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.06 and a quick ratio of 1.37. The stock has a market cap of $4.12 billion, a P/E ratio of 47.06 and a beta of 0.65.
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The business had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.24 EPS. On average, analysts predict that Methanex will post 4.32 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC purchased a new position in Methanex during the 2nd quarter worth $50,000. Parkside Financial Bank & Trust raised its position in Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after purchasing an additional 1,232 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in shares of Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after buying an additional 1,375 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Methanex by 131.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after buying an additional 1,410 shares in the last quarter. Finally, AXA S.A. bought a new position in shares of Methanex during the 2nd quarter worth $166,000. Institutional investors own 73.49% of the company’s stock.
About Methanex
Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.
The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).