Methanex (NASDAQ:MEOH) Given New $66.00 Price Target at Scotiabank

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective lifted by Scotiabank from $60.00 to $66.00 in a research report issued on Thursday, Marketbeat Ratings reports. The firm presently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s price target points to a potential upside of 26.44% from the stock’s current price.

Several other research firms also recently weighed in on MEOH. Piper Sandler boosted their target price on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Barclays boosted their target price on Methanex from $46.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Monday, January 6th. Finally, Raymond James boosted their target price on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.75.

Methanex Trading Up 0.9 %

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

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts anticipate that Methanex will post 4.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Methanex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Entropy Technologies LP acquired a new position in Methanex during the 4th quarter worth approximately $240,000. Westbourne Investment Advisors Inc. increased its position in Methanex by 6.7% during the 4th quarter. Westbourne Investment Advisors Inc. now owns 117,981 shares of the specialty chemicals company’s stock worth $5,892,000 after purchasing an additional 7,375 shares during the period. Triasima Portfolio Management inc. acquired a new position in Methanex during the 4th quarter worth approximately $1,540,000. Ausbil Investment Management Ltd acquired a new position in Methanex during the 4th quarter worth approximately $386,000. Finally, Blue Trust Inc. increased its position in Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after purchasing an additional 371 shares during the period. Institutional investors and hedge funds 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.