Methanex (NASDAQ:MEOH) Price Target Raised to $80.00

Key Points

• Scotiabank raised its price target on Methanex to $80 (from $70) and rates the stock "sector outperform," implying about a 22.46% upside from the prior close.
• Analyst sentiment is mixed-to-positive: the consensus is a "Moderate Buy" with an average target of $64.90, and several firms (Jefferies, UBS, Raymond James, Zacks, CIBC) have recently raised ratings or targets.
• Methanex missed the latest quarter's EPS estimate ($0.30 vs. $0.38) and revenue was slightly below expectations at $957.4M, though revenue rose 8.7% year-over-year; the stock trades around $65 with a ~$5.05B market cap and roughly 73.5% institutional ownership.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its target price upped by analysts at Scotiabank from $70.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "sector outperform" rating on the specialty chemicals company's stock. Scotiabank's price objective points to a potential upside of 22.46% from the stock's previous close.

Several other analysts also recently issued reports on MEOH. Zacks Research upgraded Methanex from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Jefferies Financial Group boosted their target price on shares of Methanex from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, March 11th. Canadian Imperial Bank of Commerce restated a "neutral" rating and issued a $69.00 target price on shares of Methanex in a report on Friday. Raymond James Financial raised their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Finally, UBS Group lifted their price target on shares of Methanex from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $64.90.

Methanex Trading Up 0.7%

Shares of MEOH opened at $65.33 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.96 and a quick ratio of 1.26. Methanex has a 1-year low of $31.57 and a 1-year high of $66.75. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of -133.12 and a beta of 0.60. The firm has a 50 day simple moving average of $56.48 and a 200-day simple moving average of $46.42.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.08). The company had revenue of $957.42 million during the quarter, compared to analysts' expectations of $964.76 million. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. Methanex's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 EPS. Equities analysts forecast that Methanex will post 5.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Methanex

Large investors have recently added to or reduced their stakes in the business. AMG National Trust Bank lifted its holdings in shares of Methanex by 4.8% during the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company's stock worth $484,000 after acquiring an additional 374 shares during the period. NewEdge Advisors LLC grew its holdings in Methanex by 33.3% in the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company's stock valued at $80,000 after purchasing an additional 500 shares during the period. Parkside Financial Bank & Trust increased its position in Methanex by 61.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company's stock worth $85,000 after purchasing an additional 812 shares during the last quarter. Franklin Resources Inc. increased its position in Methanex by 8.2% during the fourth quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company's stock worth $425,000 after purchasing an additional 813 shares during the last quarter. Finally, Amundi raised its stake in Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company's stock worth $800,000 after purchasing an additional 848 shares during the period. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world's largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company's core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

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