Scotiabank Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target boosted by stock analysts at Scotiabank from $60.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s target price indicates a potential upside of 17.66% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Zacks Research upgraded Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Raymond James Financial increased their target price on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Jefferies Financial Group increased their target price on Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Finally, Canadian Imperial Bank of Commerce increased their target price on Methanex from $52.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Methanex has an average rating of “Moderate Buy” and a consensus price target of $59.20.

Methanex Stock Up 1.9%

Shares of Methanex stock traded up $1.12 on Wednesday, hitting $59.49. 390,725 shares of the company’s stock traded hands, compared to its average volume of 1,285,647. The stock has a market cap of $4.60 billion, a P/E ratio of 52.61 and a beta of 0.56. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. The firm’s 50-day moving average is $54.69 and its 200 day moving average is $45.26. Methanex has a 52-week low of $29.58 and a 52-week high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.81 by ($0.95). The business had revenue of $968.81 million for the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 earnings per share. Equities analysts anticipate that Methanex will post 4.55 earnings per share for the current year.

Hedge Funds Weigh In On Methanex

Several large investors have recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA lifted its stake in Methanex by 19.0% during the first quarter. Pictet Asset Management Holding SA now owns 11,038 shares of the specialty chemicals company’s stock worth $656,000 after purchasing an additional 1,760 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in Methanex during the first quarter worth $2,481,000. Value Partners Investments Inc. lifted its stake in Methanex by 4.6% during the first quarter. Value Partners Investments Inc. now owns 21,774 shares of the specialty chemicals company’s stock worth $1,295,000 after purchasing an additional 959 shares during the last quarter. Ritholtz Wealth Management lifted its stake in Methanex by 97.3% during the first quarter. Ritholtz Wealth Management now owns 18,617 shares of the specialty chemicals company’s stock worth $1,108,000 after purchasing an additional 9,179 shares during the last quarter. Finally, Park National Corp OH bought a new position in Methanex during the first quarter worth $233,000. 73.49% of the stock is currently owned by institutional investors.

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).