Methanex (NASDAQ:MEOH) Price Target Cut to $54.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective dropped by research analysts at UBS Group from $58.00 to $54.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s price objective would suggest a potential upside of 40.92% from the company’s previous close.

MEOH has been the subject of several other research reports. Barclays cut Methanex from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $56.00 to $44.00 in a research note on Tuesday, September 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Raymond James lowered their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Piper Sandler increased their price target on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Scotiabank lifted their price objective on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.38.

Methanex Stock Performance

NASDAQ:MEOH traded up $0.58 during trading hours on Monday, reaching $38.32. 189,359 shares of the company’s stock were exchanged, compared to its average volume of 295,702. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 16.25 and a beta of 1.36. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a 50-day moving average of $45.50 and a 200 day moving average of $47.29.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. During the same quarter in the previous year, the firm posted $0.60 EPS. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. Research analysts anticipate that Methanex will post 2.46 EPS for the current year.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently modified their holdings of MEOH. Headlands Technologies LLC increased its stake in Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC purchased a new position in shares of Methanex in the first quarter valued at $45,000. Blue Trust Inc. raised its stake in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after buying an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Methanex by 572.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after buying an additional 1,626 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Methanex in the 2nd quarter worth about $201,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.