Methanex (NASDAQ:MEOH) Price Target Raised to $79.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target increased by research analysts at National Bank Financial from $70.00 to $79.00 in a research report issued on Friday, BayStreet reports. The brokerage presently has an “outperform” rating on the specialty chemicals company’s stock. National Bank Financial’s price objective would suggest a potential upside of 21.45% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Zacks Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Royal Bank Of Canada cut their target price on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. Wall Street Zen upgraded shares of Methanex from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Weiss Ratings upgraded Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. Finally, Canadian Imperial Bank of Commerce raised shares of Methanex from a “neutral” rating to a “sector outperform” rating and increased their price target for the stock from $69.00 to $71.00 in a research report on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Methanex presently has an average rating of “Moderate Buy” and an average target price of $69.89.

Methanex Trading Up 2.3%

Shares of MEOH stock traded up $1.44 during mid-day trading on Friday, reaching $65.05. The company’s stock had a trading volume of 236,580 shares, compared to its average volume of 1,011,464. The company’s 50 day simple moving average is $59.37 and its 200-day simple moving average is $57.70. The firm has a market capitalization of $5.03 billion, a PE ratio of 63.16 and a beta of 0.71. Methanex has a 12-month low of $32.00 and a 12-month high of $66.75. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%. Methanex’s quarterly revenue was up 75.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. On average, research analysts predict that Methanex will post 8.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Methanex during the second quarter valued at approximately $26,154,000. Bank of America Corp DE lifted its stake in Methanex by 202.3% in the first quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock valued at $40,571,000 after buying an additional 455,975 shares during the period. Engineers Gate Manager LP boosted its stake in Methanex by 482.8% during the 2nd quarter. Engineers Gate Manager LP now owns 75,384 shares of the specialty chemicals company’s stock worth $3,479,000 after acquiring an additional 62,449 shares during the last quarter. Wealth High Governance Asset Management Ltda. acquired a new stake in Methanex during the 1st quarter worth $2,131,000. Finally, Readystate Asset Management LP bought a new stake in shares of Methanex in the second quarter worth about $2,255,000. 73.49% of the stock is currently owned by institutional investors.

About Methanex

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.