Methanex (NASDAQ:MEOH) Stock Gets Price Target Bump from Canadian Imperial Bank of Commerce

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by Canadian Imperial Bank of Commerce from $77.00 to $83.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “outperformer” rating on the specialty chemicals company’s stock. Canadian Imperial Bank of Commerce‘s price target points to a potential upside of 19.50% from the stock’s current price.

Several other equities analysts have also commented on the stock. Wall Street Zen raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Zacks Research raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Weiss Ratings upgraded shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. National Bank Financial lifted their price objective on shares of Methanex from $70.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Methanex from $55.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $73.78.

Methanex Price Performance

Shares of NASDAQ MEOH traded down $2.11 during mid-day trading on Monday, reaching $69.46. The company had a trading volume of 741,767 shares, compared to its average volume of 998,714. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 15.30 and a beta of 0.72. The business’s 50-day simple moving average is $61.17 and its 200 day simple moving average is $56.29. Methanex has a one year low of $34.01 and a one year high of $72.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.69.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.85. Methanex had a net margin of 7.62% and a return on equity of 20.89%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the business posted $0.06 earnings per share. Methanex’s revenue was up 49.7% compared to the same quarter last year. On average, research analysts predict that Methanex will post 9.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Methanex by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after purchasing an additional 50,681 shares in the last quarter. Bank of America Corp DE acquired a new position in Methanex during the 2nd quarter worth approximately $56,683,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Methanex in the 2nd quarter valued at approximately $53,605,000. Man Group plc bought a new position in Methanex in the 2nd quarter valued at approximately $35,078,000. Finally, BlackRock Inc. bought a new position in Methanex in the 2nd quarter valued at approximately $26,154,000. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.