Methanex (NASDAQ:MEOH) Price Target Raised to $83.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by Canadian Imperial Bank of Commerce from $77.00 to $83.00 in a research note published on Monday morning,Benzinga reports. Canadian Imperial Bank of Commerce currently has an outperformer rating on the specialty chemicals company’s stock.

Several other brokerages have also recently weighed in on MEOH. Royal Bank Of Canada boosted their price objective on Methanex from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday. Wall Street Zen upgraded shares of Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. UBS Group raised their target price on shares of Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Zacks Research upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Finally, National Bank Financial lifted their price target on shares of Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.78.

Methanex Stock Down 6.7%

NASDAQ MEOH opened at $65.22 on Monday. The stock has a market capitalization of $5.05 billion, a P/E ratio of 9.05 and a beta of 0.72. Methanex has a 52 week low of $34.01 and a 52 week high of $72.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.69. The stock has a fifty day moving average of $61.72 and a 200-day moving average of $56.61.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.79. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.30 billion. Methanex had a return on equity of 20.89% and a net margin of 7.62%. 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 firm posted $0.06 earnings per share. On average, equities research analysts forecast that Methanex will post 9.20 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. M&G PLC acquired a new position in Methanex in the third quarter valued at about $696,333,000. Dimensional Fund Advisors LP boosted its holdings in Methanex by 4.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock worth $67,116,000 after buying an additional 50,681 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Methanex during the 2nd quarter worth about $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Methanex during the 2nd quarter worth about $53,605,000. Finally, Man Group plc acquired a new position in shares of Methanex during the 2nd quarter worth about $35,078,000. 73.49% of the stock is currently owned by institutional investors.

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.