Methanex (NASDAQ:MEOH) Price Target Lowered to $55.00 at CIBC

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lowered by equities research analysts at CIBC from $63.00 to $55.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s target price would suggest a potential upside of 72.09% from the company’s current price.

A number of other analysts have also recently commented on MEOH. UBS Group boosted their target price on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Tuesday. Barclays reduced their target price on Methanex from $57.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Raymond James increased their price target on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.63.

Methanex Stock Performance

Shares of MEOH stock traded down $2.09 on Thursday, hitting $31.96. The company had a trading volume of 196,387 shares, compared to its average volume of 428,307. The company has a 50-day moving average price of $43.31 and a 200-day moving average price of $44.12. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.15 billion, a P/E ratio of 13.84 and a beta of 1.38. Methanex has a twelve month low of $31.75 and a twelve month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share 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%. As a group, equities research analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in Methanex by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock valued at $8,483,000 after purchasing an additional 8,850 shares during the last quarter. Cerity Partners LLC lifted its position in Methanex by 19.1% in the third quarter. Cerity Partners LLC now owns 17,844 shares of the specialty chemicals company’s stock valued at $738,000 after acquiring an additional 2,863 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Methanex by 25.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,414 shares of the specialty chemicals company’s stock valued at $762,000 after acquiring an additional 3,750 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Methanex during the third quarter worth about $499,000. Finally, Centiva Capital LP lifted its holdings in shares of Methanex by 26.2% in the 3rd quarter. Centiva Capital LP now owns 7,366 shares of the specialty chemicals company’s stock valued at $305,000 after purchasing an additional 1,530 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.