Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) was upgraded by equities researchers at Canadian Imperial Bank of Commerce from a “neutral” rating to a “sector outperform” rating in a research note issued on Monday, Marketbeat reports. The brokerage presently has a $71.00 price objective on the specialty chemicals company’s stock. Canadian Imperial Bank of Commerce’s price target suggests a potential upside of 26.83% from the company’s current price.
Several other analysts also recently issued reports on MEOH. Wall Street Zen raised Methanex from a “hold” rating to a “buy” rating in a report on Monday. Scotiabank increased their price objective on shares of Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. National Bank Financial set a $70.00 price target on Methanex and gave the company an “outperform” rating in a research report on Monday, July 13th. UBS Group boosted their price objective on Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Royal Bank Of Canada lowered their target price on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Methanex presently has a consensus rating of “Hold” and a consensus price target of $69.00.
View Our Latest Research Report on MEOH
Methanex Trading Up 2.1%
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The business had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. During the same period in the prior year, the business posted $1.30 earnings per share. Methanex’s revenue was up 8.7% on a year-over-year basis. On average, research analysts predict that Methanex will post 8.27 EPS for the current year.
Institutional Trading of Methanex
Several hedge funds have recently modified their holdings of MEOH. Wellington Management Group LLP raised its position in Methanex by 629.5% in the 4th quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock worth $92,000,000 after purchasing an additional 1,998,763 shares during the period. Norges Bank acquired a new stake in Methanex in the fourth quarter worth about $34,872,000. Boston Partners boosted its holdings in Methanex by 686.0% during the third quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock worth $38,277,000 after buying an additional 840,831 shares in the last quarter. Millennium Management LLC boosted its position in Methanex by 116.8% during the third quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock worth $46,011,000 after acquiring an additional 623,502 shares during the last quarter. Finally, FIL Ltd lifted its stake in Methanex by 40.3% during the fourth quarter. FIL Ltd now owns 1,803,108 shares of the specialty chemicals company’s stock worth $71,520,000 after purchasing an additional 518,173 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.
Methanex Company Profile
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).
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