CIBC Forecasts Strong Price Appreciation for Methanex (NASDAQ:MEOH) Stock

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective hoisted by investment analysts at CIBC from $59.00 to $63.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s price target would suggest a potential upside of 21.39% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank upped their price objective on shares of Methanex from $60.00 to $66.00 and gave the stock a “sector outperform” rating in a report on Thursday. Piper Sandler upped their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. UBS Group reduced their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Barclays raised their target price on shares of Methanex from $46.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, January 27th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two 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, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.25.

Methanex Trading Down 0.6 %

Shares of MEOH stock traded down $0.30 during mid-day trading on Monday, reaching $51.90. The stock had a trading volume of 424,369 shares, compared to its average volume of 403,133. The stock’s 50-day moving average price is $48.45 and its two-hundred day moving average price is $44.86. Methanex has a 52-week low of $36.13 and a 52-week high of $56.43. The firm has a market capitalization of $3.50 billion, a PE ratio of 22.46 and a beta of 1.36. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MEOH. Wilmington Savings Fund Society FSB acquired a new stake in Methanex during the third quarter worth approximately $40,000. Blue Trust Inc. raised its holdings in Methanex by 56.8% during the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock worth $102,000 after purchasing an additional 896 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Methanex during the second quarter worth approximately $201,000. Legacy Wealth Asset Management LLC acquired a new stake in Methanex during the fourth quarter worth approximately $220,000. Finally, Entropy Technologies LP acquired a new stake in Methanex during the fourth quarter worth approximately $240,000. 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.