Methanex (NASDAQ:MEOH) Price Target Raised to $71.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price hoisted by investment analysts at Piper Sandler from $68.00 to $71.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price target would indicate a potential upside of 58.84% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Raymond James reduced their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. UBS Group dropped their price target on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Barclays increased their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.88.

Methanex Stock Performance

Shares of Methanex stock traded up $0.63 during trading on Tuesday, reaching $44.70. The company’s stock had a trading volume of 147,214 shares, compared to its average volume of 300,569. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The firm has a market cap of $3.01 billion, a PE ratio of 20.89 and a beta of 1.36. The business’s 50-day moving average price is $40.87 and its 200-day moving average price is $45.73. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new position in Methanex during the 1st quarter worth approximately $494,000. Russell Investments Group Ltd. increased its holdings in shares of Methanex by 5.3% during the first quarter. Russell Investments Group Ltd. now owns 108,995 shares of the specialty chemicals company’s stock worth $4,863,000 after buying an additional 5,438 shares in the last quarter. Toronto Dominion Bank lifted its stake in shares of Methanex by 19.6% in the 2nd quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock valued at $1,604,000 after acquiring an additional 5,451 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Methanex by 13.0% in the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after acquiring an additional 58,719 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Methanex during the 2nd quarter valued at $201,000. Institutional investors own 73.49% of the company’s stock.

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.