Jefferies Financial Group Raises Methanex (NASDAQ:MEOH) Price Target to $53.00

Key Points

• Jefferies Financial Group has raised its price target for Methanex from $45.00 to $53.00, indicating a potential upside of 35.46% from the previous close.
• Other brokerages, including Scotiabank and UBS Group, have also given favorable reviews, with multiple analysts rating Methanex as a "Buy" or "Strong Buy."
• Methanex reported an EPS of $0.97 for the last quarter, exceeding expectations despite a 13.4% drop in revenue compared to the previous year.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its target price boosted by Jefferies Financial Group from $45.00 to $53.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the specialty chemicals company's stock. Jefferies Financial Group's target price would suggest a potential upside of 35.46% from the company's previous close.

A number of other brokerages have also commented on MEOH. Scotiabank set a $50.00 price target on Methanex and gave the stock a "sector outperform" rating in a report on Tuesday, August 5th. UBS Group cut their price target on shares of Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Royal Bank Of Canada upgraded shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Friday, August 1st. CIBC lifted their price objective on shares of Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Finally, Zacks Research upgraded shares of Methanex from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Methanex has a consensus rating of "Buy" and a consensus target price of $45.78.

Methanex Stock Up 0.1%

MEOH stock traded up $0.04 during mid-day trading on Wednesday, reaching $39.13. 205,426 shares of the company traded hands, compared to its average volume of 537,899. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. The firm's 50 day moving average price is $35.47 and its 200 day moving average price is $33.96. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 11.57 and a beta of 0.87. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.42 by $0.55. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The firm had revenue of $808.46 million during the quarter, compared to the consensus estimate of $835.04 million. During the same period in the prior year, the business posted $0.62 earnings per share. The company's quarterly revenue was down 13.4% compared to the same quarter last year. As a group, equities research analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Methanex

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Methanex during the second quarter valued at $30,306,000. Dixon Mitchell Investment Counsel Inc. lifted its position in Methanex by 66.4% in the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company's stock worth $67,577,000 after buying an additional 814,877 shares during the last quarter. Alberta Investment Management Corp boosted its stake in Methanex by 1,499.0% in the first quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock worth $28,671,000 after buying an additional 766,000 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Methanex by 2,409.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 581,000 shares of the specialty chemicals company's stock valued at $20,388,000 after purchasing an additional 557,845 shares during the last quarter. Finally, Encompass Capital Advisors LLC grew its stake in shares of Methanex by 86.0% during the first quarter. Encompass Capital Advisors LLC now owns 999,305 shares of the specialty chemicals company's stock valued at $35,066,000 after buying an additional 461,954 shares during the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.