Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) had its price objective raised by JPMorgan Chase & Co. from $55.00 to $63.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the specialty chemicals company’s stock.
A number of other research firms have also weighed in on MEOH. Zacks Research raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $77.00 price objective on shares of Methanex in a research note on Monday, October 19th. National Bank Financial boosted their price objective on shares of Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, October 16th. Raymond James Financial set a $80.00 price objective on Methanex in a report on Monday. Finally, Wall Street Zen raised Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.78.
Check Out Our Latest Research Report on MEOH
Methanex Price Performance
Methanex stock opened at $65.22 on Monday. The stock has a 50-day moving average price of $61.72 and a two-hundred day moving average price of $56.61. Methanex has a 12 month low of $34.01 and a 12 month high of $72.32. The company has a market capitalization of $5.05 billion, a PE ratio of 9.05 and a beta of 0.72. The company has a current ratio of 1.69, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67.
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last released its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.79. Methanex had a return on equity of 20.89% and a net margin of 7.62%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the business posted $0.06 earnings per share. The business’s quarterly revenue was up 49.7% compared to the same quarter last year. Analysts expect that Methanex will post 9.20 EPS for the current year.
Institutional Trading of Methanex
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust bought a new stake in Methanex during the second quarter valued at $38,000. Nykredit A S acquired a new stake in Methanex during the 2nd quarter worth about $83,000. Parallel Advisors LLC acquired a new stake in Methanex during the 3rd quarter worth about $141,000. State of Wyoming acquired a new stake in Methanex during the 2nd quarter worth about $153,000. Finally, Fifth Third Bancorp raised its position in shares of Methanex by 1,087.3% in the 1st quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock worth $228,000 after acquiring an additional 3,501 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.
About Methanex
Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.
Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.
Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.
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