Methanex (NASDAQ:MEOH) Price Target Cut to $47.00 by Analysts at CIBC

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its price target decreased by investment analysts at CIBC from $55.00 to $47.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm currently has an "outperformer" rating on the specialty chemicals company's stock. CIBC's price objective would indicate a potential upside of 42.51% from the company's current price.

Several other research analysts have also recently weighed in on the company. Scotiabank cut Methanex from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the stock from $66.00 to $53.00 in a report on Monday, March 10th. UBS Group dropped their target price on Methanex from $66.00 to $53.00 and set a "buy" rating for the company in a report on Monday, April 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $55.00 price target on shares of Methanex in a report on Tuesday, April 1st. Piper Sandler lowered shares of Methanex from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $71.00 to $36.00 in a report on Monday, April 7th. Finally, Raymond James decreased their target price on shares of Methanex from $62.00 to $40.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.25.

Methanex Price Performance

Shares of MEOH traded up $0.61 during mid-day trading on Tuesday, hitting $32.98. 988,999 shares of the company were exchanged, compared to its average volume of 381,028. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 14.28 and a beta of 1.06. Methanex has a 1-year low of $25.46 and a 1-year high of $56.43. The company has a 50 day moving average of $33.87 and a 200-day moving average of $42.01. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The business had revenue of $857.90 million during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The business's revenue was down 2.2% compared to the same quarter last year. Analysts expect that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MEOH. Barclays PLC lifted its holdings in shares of Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company's stock valued at $845,000 after purchasing an additional 8,047 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Methanex by 1.2% in 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 acquiring an additional 1,203 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Methanex during the third quarter worth approximately $40,000. Legacy Wealth Asset Management LLC acquired a new position in shares of Methanex in the 4th quarter valued at $220,000. Finally, Blue Trust Inc. boosted its stake in Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock worth $142,000 after purchasing an additional 371 shares during the period. Institutional investors and hedge funds own 73.49% of the company's stock.

About Methanex

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.