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

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price upped by stock analysts at CIBC from $59.00 to $63.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s target price indicates a potential upside of 17.52% from the company’s current price.

Several other equities research analysts also recently commented on the company. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research note on Friday, January 31st. Raymond James raised their target price on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, January 14th. Barclays increased their price target on Methanex from $46.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Finally, Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Methanex has an average rating of “Moderate Buy” and a consensus price target of $60.25.

Methanex Stock Performance

NASDAQ MEOH opened at $53.61 on Monday. The business’s 50-day simple moving average is $48.55 and its 200-day simple moving average is $44.87. The firm has a market capitalization of $3.61 billion, a P/E ratio of 23.21 and a beta of 1.36. 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 1.01, a current ratio of 2.62 and a quick ratio of 2.00.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Equities analysts predict that Methanex will post 4.02 EPS for the current year.

Institutional Investors Weigh In On Methanex

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Methanex by 1.2% during the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after purchasing an additional 1,203 shares during the last quarter. Barclays PLC boosted its holdings in shares of Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after acquiring an additional 8,047 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Methanex in the 3rd quarter worth about $1,092,000. Point72 Asset Management L.P. boosted its stake in Methanex by 1,495.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after purchasing an additional 130,127 shares during the period. Finally, Truist Financial Corp grew its position in Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after purchasing an additional 294 shares during the last quarter. 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.