Methanex (NASDAQ:MEOH) Coverage Initiated by Analysts at National Bank Financial

Key Points

• National Bank Financial initiated coverage of Methanex, setting an "outperform" rating with a price target of $47.00, indicating a potential upside of 22.81% from the previous close.
• Methanex's quarterly earnings report showed $0.97 EPS, surpassing estimates, although the company's revenue decreased by 13.4% year-over-year.
• Institutional investors currently own 73.49% of Methanex stock, reflecting a growing interest in the company's value amidst recent market analysis.

Equities research analysts at National Bank Financial began coverage on shares of Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX in a report issued on Friday,Briefing.com Automated Import reports. The firm set an "outperform" rating and a $47.00 price target on the specialty chemicals company's stock. National Bank Financial's price target suggests a potential upside of 22.81% from the company's previous close.

Several other equities analysts have also recently weighed in on MEOH. CIBC raised their price objective on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. UBS Group lowered their target price 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. JPMorgan Chase & Co. started coverage on shares of Methanex in a research report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price objective for the company. Jefferies Financial Group lifted their price objective on shares of Methanex from $45.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Raymond James Financial set a $45.00 price target on Methanex and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $45.90.

Methanex Stock Performance

Shares of MEOH stock opened at $38.27 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. Methanex has a one year low of $25.46 and a one year high of $54.49. The stock has a 50-day moving average of $35.67 and a 200-day moving average of $34.00. The stock has a market cap of $2.96 billion, a PE ratio of 11.29 and a beta of 0.87.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Methanex in the 2nd quarter worth about $33,000. CWM LLC bought a new stake in shares of Methanex in the 2nd quarter worth $33,000. SVB Wealth LLC bought a new position in shares of Methanex in the first quarter valued at approximately $38,000. NewEdge Advisors LLC bought a new position in Methanex in the 2nd quarter valued at $50,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Methanex in the 1st quarter valued at $55,000. 73.49% of the stock is currently owned by institutional investors.

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.

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