Methanex (NASDAQ:MEOH) Price Target Raised to $70.00 at Scotiabank

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by equities research analysts at Scotiabank from $60.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s price objective would indicate a potential upside of 17.66% from the stock’s previous close.

A number of other research firms also recently issued reports on MEOH. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. UBS Group increased their target price on shares of Methanex from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Raymond James Financial increased their target price on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Canadian Imperial Bank of Commerce increased their target price on shares of Methanex from $52.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Finally, Jefferies Financial Group increased their target price on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.20.

Methanex Trading Up 1.9%

Shares of NASDAQ MEOH traded up $1.12 on Wednesday, reaching $59.49. 390,725 shares of the company traded hands, compared to its average volume of 1,285,647. Methanex has a fifty-two week low of $29.58 and a fifty-two week high of $66.75. The company has a 50 day moving average of $54.69 and a 200 day moving average of $45.26. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $4.60 billion, a PE ratio of 52.61 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The company had revenue of $968.81 million for the quarter, compared to analyst estimates of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 EPS. On average, equities research analysts forecast that Methanex will post 4.55 earnings per share for the current fiscal year.

Institutional Trading of Methanex

Large investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust grew its position in Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after acquiring an additional 1,232 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Methanex in the second quarter valued at approximately $50,000. Clearstead Advisors LLC grew its position in Methanex by 336.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after acquiring an additional 1,375 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Methanex by 131.5% in the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after acquiring an additional 1,410 shares in the last quarter. Finally, Park National Corp OH acquired a new stake in Methanex in the first quarter valued at approximately $233,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

About Methanex

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).