Methanex (NASDAQ:MEOH) Given New $58.00 Price Target at Scotiabank

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price upped by Scotiabank from $54.00 to $58.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s target price suggests a potential upside of 15.38% from the stock’s previous close.

Other research analysts have also issued reports about the company. Piper Sandler reiterated a “neutral” rating and set a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. Barclays increased their price objective on Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. Royal Bank of Canada increased their price objective on Methanex from $45.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Friday. TheStreet upgraded Methanex from a “c” rating to a “b-” rating in a report on Thursday, January 11th. Finally, CIBC increased their target price on Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.88.

Methanex Stock Performance

Methanex stock traded up $2.00 during trading hours on Monday, reaching $50.27. 413,560 shares of the company were exchanged, compared to its average volume of 305,843. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 21.28 and a beta of 1.51. The company has a current ratio of 1.17, a quick ratio of 0.85 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average of $45.55 and a 200 day moving average of $44.74. Methanex has a 12 month low of $38.18 and a 12 month high of $51.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.24. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The company had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. As a group, research analysts anticipate that Methanex will post 2.35 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently added to or reduced their stakes in MEOH. Norges Bank acquired a new position in Methanex in the fourth quarter valued at about $34,109,000. Wellington Management Group LLP lifted its stake in Methanex by 15.2% in the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after buying an additional 599,778 shares during the period. Vanguard Group Inc. lifted its stake in Methanex by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after buying an additional 425,104 shares during the period. FIL Ltd lifted its stake in Methanex by 4.9% in the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after buying an additional 346,475 shares during the period. Finally, Appian Way Asset Management LP acquired a new position in Methanex in the fourth quarter valued at about $6,801,000. Institutional investors and hedge funds 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.