JPMorgan Chase & Co. Initiates Coverage on Methanex (NASDAQ:MEOH)

Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX in a note issued to investors on Tuesday, MarketBeat.com reports. The firm set a "neutral" rating and a $33.00 price target on the specialty chemicals company's stock. JPMorgan Chase & Co.'s target price would suggest a potential downside of 0.96% from the stock's previous close.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada cut their price target on Methanex from $55.00 to $50.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Scotiabank raised shares of Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 target price on the stock in a report on Monday, May 5th. Raymond James lowered their price target on shares of Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Wall Street Zen lowered shares of Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, Piper Sandler set a $48.00 target price on shares of Methanex and gave the stock an "overweight" rating in a research note on Sunday, May 18th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $46.56.

Methanex Stock Up 0.0%

Shares of MEOH traded up $0.01 during mid-day trading on Tuesday, hitting $33.32. 390,927 shares of the company's stock were exchanged, compared to its average volume of 399,621. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 14.42 and a beta of 0.93. The stock's 50-day moving average is $31.13 and its 200-day moving average is $40.49. 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 results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.25 by $0.05. The company had revenue of $857.90 million during the quarter, compared to analysts' expectations of $1.06 billion. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.65 EPS. On average, sell-side analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Trading of Methanex

Large investors have recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in Methanex during the first quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Methanex in the 1st quarter valued at $55,000. Parkside Financial Bank & Trust raised its position in Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company's stock valued at $101,000 after purchasing an additional 573 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Methanex in the 4th quarter valued at $106,000. Finally, Headlands Technologies LLC acquired a new stake in Methanex during the 1st quarter worth $82,000. 73.49% of the stock is owned by institutional investors and hedge funds.

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.