Methanex (NASDAQ:MEOH) Price Target Raised to $79.00

by · The Markets Daily

Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) had its price target raised by National Bank Financial from $70.00 to $79.00 in a report released on Friday,BayStreet reports. National Bank Financial currently has an outperform rating on the specialty chemicals company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. Zacks Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Royal Bank Of Canada reduced their target price on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. Finally, UBS Group boosted their price target on shares of Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.89.

Check Out Our Latest Stock Analysis on MEOH

Methanex Price Performance

Shares of MEOH opened at $64.96 on Friday. The firm has a market cap of $5.03 billion, a P/E ratio of 63.07 and a beta of 0.71. The stock has a 50 day simple moving average of $59.61 and a two-hundred day simple moving average of $57.72. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. Methanex has a 1 year low of $32.00 and a 1 year high of $66.75.

Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm’s revenue was up 75.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, analysts forecast that Methanex will post 8.73 earnings per share for the current fiscal year.

Institutional Trading of Methanex

A number of institutional investors have recently modified their holdings of MEOH. Dimensional Fund Advisors LP increased its holdings in Methanex by 4.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after purchasing an additional 50,681 shares during the period. Bank of America Corp DE purchased a new position in Methanex during the 2nd quarter valued at $56,683,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Methanex in the 2nd quarter worth $53,605,000. Alberta Investment Management Corp raised its holdings in Methanex by 12.0% in the 4th quarter. Alberta Investment Management Corp now owns 1,111,000 shares of the specialty chemicals company’s stock worth $44,129,000 after purchasing an additional 119,000 shares in the last quarter. Finally, Man Group plc purchased a new stake in shares of Methanex in the 2nd quarter worth about $35,078,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Company Profile

(Get Free Report)

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.

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