Methanex (NASDAQ:MEOH) Price Target Cut to $53.00 by Analysts at UBS Group

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target decreased by UBS Group from $54.00 to $53.00 in a report issued on Thursday,Benzinga reports. UBS Group currently has a buy rating on the specialty chemicals company’s stock.

Several other equities research analysts also recently weighed in on MEOH. Raymond James cut their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Barclays lowered Methanex from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $56.00 to $44.00 in a research note on Tuesday, September 10th. Piper Sandler raised their price objective on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Scotiabank boosted their target price on shares of Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research report on Tuesday, September 3rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.25.

Methanex Price Performance

NASDAQ:MEOH traded up $0.35 on Thursday, hitting $42.19. The company had a trading volume of 706,401 shares, compared to its average volume of 251,176. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 19.72 and a beta of 1.36. The firm has a 50 day moving average of $40.99 and a two-hundred day moving average of $45.99.

Institutional Investors Weigh In On Methanex

Institutional investors have recently modified their holdings of the company. M&G Plc acquired a new position in Methanex in the first quarter valued at $589,459,000. Bank of Montreal Can lifted its stake in shares of Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after purchasing an additional 159,542 shares during the period. Intact Investment Management Inc. boosted its position in shares of Methanex by 73.2% during the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after purchasing an additional 124,600 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in Methanex in the second quarter worth approximately $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. increased its holdings in Methanex by 9.9% in the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after purchasing an additional 106,848 shares in the last quarter. 73.49% of the stock is owned by institutional investors.

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.