Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, UBS Group Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price hoisted by equities researchers at UBS Group from $53.00 to $66.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s target price indicates a potential upside of 29.75% from the stock’s current price.

A number of other equities analysts have also issued reports on MEOH. Scotiabank raised their target price on shares of Methanex from $60.00 to $66.00 and gave the company a “sector outperform” rating in a research note on Thursday, January 30th. CIBC increased their target price on Methanex from $59.00 to $63.00 and gave the company an “outperformer” rating in a report on Monday. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Piper Sandler upped their price objective on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Raymond James lifted their target price on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.88.

Methanex Trading Down 0.2 %

MEOH traded down $0.09 during trading on Friday, hitting $50.87. The company’s stock had a trading volume of 82,520 shares, compared to its average volume of 401,749. The firm’s 50 day moving average price is $48.90 and its 200-day moving average price is $44.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The stock has a market cap of $3.43 billion, a PE ratio of 22.05 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. On average, analysts expect that Methanex will post 4.02 earnings per share for the current year.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Geode Capital Management LLC lifted its stake in shares of Methanex by 1.2% in the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after acquiring an additional 1,203 shares during the period. Barclays PLC boosted its position in Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after purchasing an additional 8,047 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Methanex during the third quarter valued at $1,092,000. Point72 Asset Management L.P. increased its holdings in shares of Methanex by 1,495.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after buying an additional 130,127 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Methanex by 5.0% during the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after purchasing an additional 294 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

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.