Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, UBS Group Analyst Says
by Renee Jackson · The Cerbat GemMethanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) had its price objective hoisted by UBS Group from $60.00 to $70.00 in a research note issued on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s target price suggests a potential upside of 16.92% from the stock’s previous close.
Several other equities analysts have also weighed in on MEOH. Scotiabank restated an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. BMO Capital Markets lifted their price target on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, March 18th. Jefferies Financial Group lifted their price target on Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Finally, Zacks Research lowered Methanex from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.50.
Get Our Latest Analysis on Methanex
Methanex Price Performance
Shares of Methanex stock opened at $59.87 on Thursday. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. Methanex has a twelve month low of $26.24 and a twelve month high of $66.75. The business has a 50-day moving average price of $53.47 and a 200 day moving average price of $44.30. The firm has a market cap of $4.63 billion, a PE ratio of 52.98 and a beta of 0.56.
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) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a net margin of 2.21% and a return on equity of 5.35%. The business had revenue of $968.81 million during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm earned $1.24 EPS. Methanex’s revenue for the quarter was up 2.1% on a year-over-year basis. Sell-side analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Methanex by 546.7% in the third quarter. JPMorgan Chase & Co. now owns 269,374 shares of the specialty chemicals company’s stock valued at $10,710,000 after acquiring an additional 227,723 shares during the last quarter. Semanteon Capital Management LP acquired a new position in Methanex in the third quarter valued at approximately $419,000. TD Asset Management Inc lifted its holdings in Methanex by 87.1% in the third quarter. TD Asset Management Inc now owns 689,461 shares of the specialty chemicals company’s stock valued at $27,417,000 after acquiring an additional 320,964 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Methanex by 249.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock valued at $56,939,000 after acquiring an additional 1,022,987 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its holdings in Methanex by 29.5% in the third quarter. Alberta Investment Management Corp now owns 992,000 shares of the specialty chemicals company’s stock valued at $39,442,000 after acquiring an additional 226,000 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.
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).