CIBC Has Lowered Expectations for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective cut by stock analysts at CIBC from $63.00 to $55.00 in a report issued on Thursday, Marketbeat.com reports. The firm currently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s target price would indicate a potential upside of 91.50% from the stock’s current price.

A number of other brokerages also recently commented on MEOH. Raymond James raised their price objective on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. UBS Group lifted their price target on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $66.00 to $53.00 in a research note on Monday, March 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday. Finally, Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.63.

Methanex Trading Down 7.6 %

Shares of Methanex stock opened at $28.72 on Thursday. Methanex has a 1 year low of $27.35 and a 1 year high of $56.43. The company’s fifty day simple moving average is $42.47 and its 200-day simple moving average is $43.96. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 12.43 and a beta of 1.38. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results 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 net margin of 4.41% and a return on equity of 10.97%. As a group, sell-side analysts expect that Methanex will post 4.32 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MEOH. Wellington Management Group LLP increased its holdings in Methanex by 1.3% during the 4th quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company’s stock valued at $241,549,000 after purchasing an additional 62,467 shares in the last quarter. FMR LLC grew its holdings in shares of Methanex by 3.0% during the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company’s stock worth $166,384,000 after purchasing an additional 95,950 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Methanex by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company’s stock valued at $105,779,000 after buying an additional 37,658 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock valued at $53,770,000 after buying an additional 226,349 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Methanex by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company’s stock worth $52,334,000 after buying an additional 50,075 shares in the last quarter. Institutional investors 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.