Scotiabank Forecasts Strong Price Appreciation for Methanex (NASDAQ:MEOH) Stock

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by research analysts at Scotiabank from $70.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s target price would suggest a potential upside of 22.46% from the stock’s current price.

A number of other analysts have also recently issued reports on MEOH. Jefferies Financial Group boosted their target price on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Saturday. BMO Capital Markets boosted their price objective on shares of Methanex from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. UBS Group raised their target price on shares of Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. Finally, Raymond James Financial lifted their target price on shares of Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $64.90.

Methanex Price Performance

Shares of Methanex stock opened at $65.33 on Tuesday. Methanex has a twelve month low of $31.57 and a twelve month high of $66.75. The stock has a market capitalization of $5.05 billion, a P/E ratio of -133.12 and a beta of 0.60. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The business’s fifty day moving average price is $56.48 and its 200 day moving average price is $46.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.08). The firm had revenue of $957.42 million for the quarter, compared to analyst estimates of $964.76 million. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The business’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 earnings per share. As a group, research analysts anticipate that Methanex will post 5.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Amundi grew its holdings in Methanex by 3.9% during the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Methanex in the 2nd quarter valued at about $419,000. Invesco Ltd. grew its stake in shares of Methanex by 15.7% during the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after acquiring an additional 33,827 shares in the last quarter. AXA S.A. acquired a new stake in shares of Methanex during the second quarter valued at about $166,000. Finally, Qube Research & Technologies Ltd increased its position in shares of Methanex by 327.0% during the second quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock worth $1,565,000 after acquiring an additional 36,211 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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).