Canadian Imperial Bank of Commerce Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Key Points

• Canadian Imperial Bank of Commerce raised Methanex’s price target from $77 to $83 and maintained an “outperformer” rating, implying 19.5% upside from the previous close.
• Analyst sentiment is broadly positive: Methanex has a consensus “Moderate Buy” rating and an average price target of $73.78, with several firms recently raising their targets.
• Methanex reported strong quarterly results, posting $3.69 in earnings per share versus the $2.84 consensus estimate and $1.36 billion in revenue, up 49.7% year over year.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its target price raised by analysts at Canadian Imperial Bank of Commerce from $77.00 to $83.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "outperformer" rating on the specialty chemicals company's stock. Canadian Imperial Bank of Commerce's target price would indicate a potential upside of 19.50% from the stock's previous close.

Other analysts also recently issued research reports about the stock. UBS Group lifted their target price on shares of Methanex from $71.00 to $74.00 and gave the stock a "buy" rating in a report on Monday, October 5th. JPMorgan Chase & Co. increased their price target on shares of Methanex from $55.00 to $63.00 and gave the company a "neutral" rating in a report on Monday. Wall Street Zen upgraded shares of Methanex from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 3rd. Royal Bank Of Canada boosted their price objective on Methanex from $65.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Raymond James Financial set a $80.00 target price on Methanex in a research report on Monday. One equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $73.78.

Methanex Stock Performance

MEOH traded down $2.11 during trading hours on Monday, reaching $69.46. The company's stock had a trading volume of 741,767 shares, compared to its average volume of 998,714. The company's 50-day moving average is $61.17 and its 200-day moving average is $56.29. Methanex has a 52 week low of $34.01 and a 52 week high of $72.32. The firm has a market cap of $5.37 billion, a PE ratio of 15.30 and a beta of 0.72. 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 - Get Free Report) TSE: MX last released its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $3.69 EPS for the quarter, topping analysts' consensus estimates of $2.84 by $0.85. Methanex had a net margin of 7.62% and a return on equity of 20.89%. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.29 billion. During the same period in the previous year, the business posted $0.06 earnings per share. The company's revenue for the quarter was up 49.7% compared to the same quarter last year. On average, equities analysts forecast that Methanex will post 9.20 EPS for the current year.

Institutional Trading of Methanex

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio grew its position in shares of Methanex by 0.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company's stock worth $4,892,000 after purchasing an additional 225 shares in the last quarter. AMG National Trust Bank raised its position in shares of Methanex by 4.8% in the first quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company's stock valued at $484,000 after buying an additional 374 shares in the last quarter. Parkside Financial Bank & Trust acquired a new stake in shares of Methanex in the second quarter valued at approximately $38,000. Pictet Asset Management Holding SA boosted its stake in shares of Methanex by 19.0% in the first quarter. Pictet Asset Management Holding SA now owns 11,038 shares of the specialty chemicals company's stock valued at $656,000 after buying an additional 1,760 shares during the period. Finally, Nykredit A S bought a new stake in shares of Methanex in the second quarter valued at approximately $83,000. Institutional investors and hedge funds own 73.49% of the company's stock.

About Methanex

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.

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