UBS Group Lowers Methanex (NASDAQ:MEOH) Price Target to $50.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target cut by stock analysts at UBS Group from $51.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s target price would indicate a potential upside of 46.67% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Royal Bank of Canada cut their price target on shares of Methanex from $55.00 to $50.00 and set a “sector perform” rating for the company in a research note on Friday, May 2nd. Barclays cut their price target on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Scotiabank raised shares of Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 price target for the company in a research note on Monday, May 5th. CIBC lowered their price objective on shares of Methanex from $47.00 to $44.00 and set an “outperformer” rating for the company in a report on Monday, May 5th. Finally, StockNews.com lowered shares of Methanex from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.75.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $34.09 on Tuesday. 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 has a 12 month low of $25.46 and a 12 month high of $56.43. The stock has a market cap of $2.30 billion, a P/E ratio of 14.76 and a beta of 0.93. The company has a 50 day moving average of $32.39 and a 200 day moving average of $41.59.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The business had revenue of $857.90 million during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the company earned $0.65 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEOH. Bank of New York Mellon Corp raised its holdings in Methanex by 4,776.7% during the 4th quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock valued at $44,960,000 after buying an additional 881,823 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in Methanex during the 4th quarter valued at $38,301,000. Alberta Investment Management Corp raised its holdings in Methanex by 1,499.0% during the 1st quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company’s stock valued at $28,671,000 after buying an additional 766,000 shares during the last quarter. Norges Bank bought a new stake in Methanex during the 4th quarter valued at $34,119,000. Finally, Encompass Capital Advisors LLC bought a new position in Methanex in the 4th quarter worth $26,835,000. 73.49% of the stock is currently owned by institutional investors.

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.