Raymond James Cuts Methanex (NASDAQ:MEOH) Price Target to $40.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective cut by analysts at Raymond James from $62.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Raymond James’ price objective would suggest a potential upside of 48.29% from the company’s current price.

A number of other equities analysts also recently issued reports on MEOH. Scotiabank downgraded Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $66.00 to $53.00 in a research report on Monday, March 10th. Barclays reduced their price objective on Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, April 1st. CIBC lowered their price target on Methanex from $63.00 to $55.00 and set an “outperformer” rating for the company in a research report on Thursday, April 3rd. Finally, Piper Sandler cut shares of Methanex from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $71.00 to $36.00 in a research report on Monday, April 7th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.13.

Methanex Price Performance

MEOH stock traded down $0.24 during mid-day trading on Tuesday, hitting $26.98. The stock had a trading volume of 91,059 shares, compared to its average volume of 493,021. Methanex has a 52 week low of $25.46 and a 52 week high of $56.43. The firm has a fifty day simple moving average of $38.65 and a 200 day simple moving average of $43.27. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $1.82 billion, a P/E ratio of 11.67 and a beta of 1.06.

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 the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. As a group, research analysts forecast that Methanex will post 4.32 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. boosted its position in shares of Methanex by 81.0% in the fourth quarter. Polar Asset Management Partners Inc. now owns 188,773 shares of the specialty chemicals company’s stock valued at $9,427,000 after acquiring an additional 84,462 shares during the period. Value Partners Investments Inc. boosted its holdings in Methanex by 7.3% in the 4th quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company’s stock valued at $302,000 after purchasing an additional 411 shares during the period. Mackenzie Financial Corp grew its position in shares of Methanex by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock valued at $53,770,000 after purchasing an additional 226,349 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Methanex by 98.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 52,370 shares of the specialty chemicals company’s stock worth $2,616,000 after buying an additional 25,973 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Methanex by 1.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 71,134 shares of the specialty chemicals company’s stock valued at $3,552,000 after buying an additional 965 shares during the period. 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.