CIBC Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target increased by equities research analysts at CIBC from $44.00 to $47.00 in a report issued on Monday, MarketBeat.com reports. The brokerage currently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s target price indicates a potential upside of 28.82% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Zacks Research downgraded Methanex from a “hold” rating to a “strong sell” rating in a report on Thursday. JPMorgan Chase & Co. upgraded shares of Methanex from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $33.00 to $38.00 in a research note on Friday, October 31st. UBS Group decreased their target price on shares of Methanex from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, July 31st. Jefferies Financial Group raised their price target on shares of Methanex from $45.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, National Bank Financial began coverage on shares of Methanex in a report on Friday, September 26th. They issued an “outperform” rating and a $47.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.55.

Methanex Trading Down 0.8%

MEOH traded down $0.31 during midday trading on Monday, hitting $36.49. The company’s stock had a trading volume of 111,085 shares, compared to its average volume of 536,265. Methanex has a 52-week low of $25.46 and a 52-week high of $54.49. The firm has a 50-day moving average price of $37.53 and a two-hundred day moving average price of $35.26. The firm has a market cap of $2.82 billion, a P/E ratio of 12.37 and a beta of 1.01. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.45). The firm had revenue of $924.87 million during the quarter, compared to analysts’ expectations of $977.82 million. Methanex had a return on equity of 9.30% and a net margin of 5.97%.The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $1.21 earnings per share. On average, research analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Deutsche Bank AG increased its stake in Methanex by 19.9% during the 1st quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company’s stock valued at $106,000 after buying an additional 500 shares during the period. Value Partners Investments Inc. raised its holdings in Methanex by 3.0% during the third quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock worth $789,000 after purchasing an additional 570 shares in the last quarter. Amundi boosted its stake in Methanex by 3.9% during the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Methanex by 4.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 20,636 shares of the specialty chemicals company’s stock valued at $820,000 after purchasing an additional 898 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Methanex by 21.9% in the second quarter. SBI Securities Co. Ltd. now owns 5,107 shares of the specialty chemicals company’s stock valued at $169,000 after buying an additional 917 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

About Methanex

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.