CIBC Has Lowered Expectations for Methanex (NASDAQ:MEOH) Stock Price

by · The Markets Daily

Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) had its target price decreased by equities researchers at CIBC from $47.00 to $44.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s price target would indicate a potential upside of 35.74% from the stock’s current price.

Several other analysts have also weighed in on MEOH. Raymond James decreased their target price on shares of Methanex from $62.00 to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Scotiabank upgraded shares of Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 target price on the stock in a research note on Monday. Piper Sandler cut shares of Methanex from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $71.00 to $36.00 in a research note on Monday, April 7th. Royal Bank of Canada cut their target price on shares of Methanex from $55.00 to $50.00 and set a “sector perform” rating for the company in a research note on Friday. Finally, UBS Group decreased their price target on Methanex from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Thursday. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.88.

Check Out Our Latest Analysis on MEOH

Methanex Stock Performance

NASDAQ:MEOH traded down $0.57 during trading hours on Monday, hitting $32.42. 163,403 shares of the company traded hands, compared to its average volume of 380,218. The firm has a 50-day moving average of $33.87 and a 200 day moving average of $42.01. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 14.03 and a beta of 1.06. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. Methanex has a twelve month low of $25.46 and a twelve month high of $56.43.

Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The firm had revenue of $857.90 million for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the company posted $0.65 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts forecast that Methanex will post 4.32 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in Methanex by 1.3% during the 4th quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company’s stock worth $241,549,000 after acquiring an additional 62,467 shares during the period. FMR LLC increased its holdings in Methanex by 3.0% in the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company’s stock valued at $166,384,000 after purchasing an additional 95,950 shares during the last quarter. Vanguard Group Inc. lifted its stake in Methanex by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company’s stock valued at $105,779,000 after buying an additional 37,658 shares during the period. Bank of New York Mellon Corp boosted its holdings in Methanex by 41.8% during the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company’s stock worth $44,798,000 after buying an additional 376,365 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Methanex by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock valued at $53,770,000 after purchasing an additional 226,349 shares during the period. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

(Get Free Report)

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.

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