Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, Scotiabank Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective hoisted by equities researchers at Scotiabank from $60.00 to $66.00 in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage currently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s target price points to a potential upside of 26.44% from the company’s previous close.

A number of other brokerages also recently commented on MEOH. Raymond James lifted their price objective on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. Barclays lifted their target price on Methanex from $46.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research report on Monday, January 6th. CIBC restated an “outperformer” rating and issued a $59.00 target price (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Finally, Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.75.

Methanex Stock Performance

NASDAQ MEOH opened at $52.20 on Thursday. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a market cap of $3.52 billion, a PE ratio of 22.60 and a beta of 1.37. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The stock’s 50 day simple moving average is $48.33 and its 200-day simple moving average is $44.96.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 11.10% and a net margin of 4.41%. As a group, equities research analysts anticipate that Methanex will post 4.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Methanex in the third quarter valued at $40,000. Blue Trust Inc. grew its stake in Methanex by 56.8% during the 3rd 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 position in Methanex during the 2nd quarter worth $201,000. Legacy Wealth Asset Management LLC acquired a new position in Methanex during the 4th quarter worth $220,000. Finally, Value Partners Investments Inc. grew its stake in Methanex by 10.4% during the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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.