Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by investment analysts at Canadian Imperial Bank of Commerce from $52.00 to $59.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Canadian Imperial Bank of Commerce’s price target would suggest a potential upside of 14.86% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. Raymond James Financial increased their target price on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, March 10th. UBS Group increased their price objective on Methanex from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Jefferies Financial Group lifted their price target on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, Royal Bank Of Canada increased their target price on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.60.

Methanex Price Performance

Shares of NASDAQ:MEOH traded up $0.87 on Tuesday, reaching $51.37. 1,017,735 shares of the company were exchanged, compared to its average volume of 828,051. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. Methanex has a 1-year low of $25.46 and a 1-year high of $59.09. The company has a 50-day moving average of $48.93 and a 200-day moving average of $41.62. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 45.44 and a beta of 0.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The company had revenue of $968.81 million during the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $1.24 earnings per share. Equities analysts forecast that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Trading of Methanex

Several hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in Methanex by 629.5% in the 4th quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock valued at $92,000,000 after purchasing an additional 1,998,763 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after acquiring an additional 1,022,987 shares during the period. Norges Bank acquired a new position in Methanex during the 2nd quarter worth $30,306,000. Boston Partners increased its holdings in shares of Methanex by 686.0% during the third quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock valued at $38,277,000 after purchasing an additional 840,831 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. grew its position in Methanex by 66.4% in the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after buying an additional 814,877 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).