Methanex (NASDAQ:MEOH) Price Target Raised to $63.00

Key Points

• JPMorgan raised Methanex’s price target from $55 to $63 while maintaining a “neutral” rating; the new target implies 9.32% downside from the stock’s $69.47 price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $72.00. Other targets range from $74 to $80, including several “buy” or “outperform” ratings.
• Methanex reported strong quarterly results, posting adjusted EPS of $3.69 versus the $2.84 consensus and revenue of $1.36 billion, up 49.7% year over year.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its target price raised by equities research analysts at JPMorgan Chase & Co. from $55.00 to $63.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the specialty chemicals company's stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 9.32% from the company's current price.

MEOH has been the topic of several other research reports. Wall Street Zen upgraded shares of Methanex from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 3rd. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $77.00 target price on shares of Methanex in a research note on Monday, October 19th. UBS Group upped their price target on shares of Methanex from $71.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, October 5th. Raymond James Financial set a $80.00 target price on Methanex in a research report on Monday. Finally, National Bank Financial raised their target price on Methanex from $70.00 to $79.00 and gave the stock an "outperform" rating in a research note on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.00.

Methanex Stock Down 2.9%

MEOH traded down $2.10 during trading on Monday, hitting $69.47. The stock had a trading volume of 184,662 shares, compared to its average volume of 995,452. The company has a market capitalization of $5.37 billion, a PE ratio of 15.41 and a beta of 0.72. Methanex has a twelve month low of $34.01 and a twelve month 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. The stock has a 50 day simple moving average of $61.17 and a two-hundred day simple moving average of $56.29.

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

Institutional Trading of Methanex

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust purchased a new position in shares of Methanex during the 2nd quarter valued at approximately $38,000. Nykredit A S purchased a new position in shares of Methanex in the second quarter worth about $83,000. State of Wyoming purchased a new position in Methanex in the 2nd quarter worth approximately $153,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Methanex during the 1st quarter worth $220,000. Finally, Deutsche Bank AG acquired a new position in Methanex in the 2nd quarter valued at about $221,000. 73.49% of the stock is owned by institutional investors and hedge funds.

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.

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