UBS Group Cuts Methanex (NASDAQ:MEOH) Price Target to $48.00

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Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its price objective decreased by UBS Group from $51.00 to $48.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the specialty chemicals company's stock. UBS Group's target price would suggest a potential upside of 42.61% from the company's previous close.

Other research analysts have also issued reports about the stock. Piper Sandler set a $48.00 price target on shares of Methanex and gave the stock an "overweight" rating in a research note on Sunday, May 18th. Wall Street Zen cut Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. initiated coverage on Methanex in a research report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 price objective for the company. CIBC cut their target price on Methanex from $47.00 to $44.00 and set an "outperformer" rating on the stock in a research note on Monday, May 5th. Finally, Scotiabank upgraded shares of Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price target on the stock in a research note on Monday, May 5th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $45.25.

Methanex Trading Up 2.5%

MEOH traded up $0.82 during midday trading on Thursday, reaching $33.66. 241,432 shares of the company's stock traded hands, compared to its average volume of 559,429. Methanex has a 52 week low of $25.46 and a 52 week high of $54.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.17 and a quick ratio of 2.52. The firm has a fifty day moving average of $34.04 and a two-hundred day moving average of $37.19. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 11.31 and a beta of 0.92.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.55. Methanex had a net margin of 6.00% and a return on equity of 12.45%. The business had revenue of $808.46 million for the quarter, compared to the consensus estimate of $835.04 million. During the same period in the previous year, the firm earned $0.62 EPS. The company's quarterly revenue was down 13.4% compared to the same quarter last year. On average, equities analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Methanex

A number of hedge funds have recently made changes to their positions in MEOH. Alberta Investment Management Corp raised its stake in Methanex by 1,499.0% during the first quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock valued at $28,671,000 after purchasing an additional 766,000 shares in the last quarter. Norges Bank purchased a new stake in shares of Methanex during the 4th quarter valued at about $34,119,000. Cubist Systematic Strategies LLC grew its position in Methanex by 2,409.2% in the first quarter. Cubist Systematic Strategies LLC now owns 581,000 shares of the specialty chemicals company's stock worth $20,388,000 after acquiring an additional 557,845 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in Methanex during the fourth quarter worth approximately $26,835,000. Finally, Bank of New York Mellon Corp raised its position in Methanex by 41.8% during the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock valued at $44,798,000 after purchasing an additional 376,365 shares during the period. 73.49% of the stock is currently owned by hedge funds and other 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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