Methanex (NASDAQ:MEOH) Price Target Raised to $75.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective increased by investment analysts at Royal Bank Of Canada from $65.00 to $75.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada‘s target price indicates a potential upside of 8.04% from the company’s previous close.

MEOH has been the subject of a number of other reports. UBS Group lifted their price target on shares of Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, October 5th. JPMorgan Chase & Co. upped their price objective on Methanex from $55.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $77.00 target price on shares of Methanex in a research note on Monday, October 19th. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Finally, Raymond James Financial set a $80.00 price target on Methanex in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned 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 price target of $73.11.

Methanex Trading Down 3.0%

Shares of NASDAQ:MEOH traded down $2.15 on Monday, reaching $69.42. 349,995 shares of the company traded hands, compared to its average volume of 996,198. The company has a current ratio of 1.69, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The business’s 50-day simple moving average is $61.17 and its 200 day simple moving average is $56.29. The stock has a market capitalization of $5.37 billion, a P/E ratio of 15.27 and a beta of 0.72. Methanex has a 52 week low of $34.01 and a 52 week high of $72.32.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.85. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Methanex had a net margin of 7.62% and a return on equity of 20.89%. The firm’s revenue for the quarter was up 49.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 EPS. As a group, equities analysts anticipate that Methanex will post 9.20 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Methanex in the 2nd quarter valued at approximately $56,683,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Methanex in the 2nd quarter valued at $53,605,000. Man Group plc acquired a new position in Methanex in the 2nd quarter valued at about $35,078,000. BlackRock Inc. acquired a new position in Methanex in the 2nd quarter valued at $26,154,000. Finally, Alberta Investment Management Corp purchased a new position in shares of Methanex during the 2nd quarter worth approximately $19,258,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.