Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, Scotiabank Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective hoisted by analysts at Scotiabank from $60.00 to $66.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s price target suggests a potential upside of 25.23% from the company’s current price.

Several other analysts have also issued reports on MEOH. Piper Sandler raised their price target on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. 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 Monday, January 6th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, UBS Group reduced their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Methanex currently has an average rating of “Moderate Buy” and an average price target of $59.75.

Methanex Stock Performance

Shares of MEOH opened at $52.70 on Thursday. The company’s fifty day moving average is $48.09 and its 200-day moving average is $44.88. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 24.65 and a beta of 1.37. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.12% and a return on equity of 9.04%. Equities analysts expect that Methanex will post 3.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEOH. Point72 Asset Management L.P. grew its holdings in Methanex by 1,495.7% during the third quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after purchasing an additional 130,127 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its stake 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 valued at $49,022,000 after buying an additional 106,848 shares in the last quarter. Millennium Management LLC lifted its stake in Methanex by 13.0% in the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after buying an additional 58,719 shares in the last quarter. Chartwell Investment Partners LLC lifted its stake in Methanex by 27.8% in the third quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock valued at $8,387,000 after buying an additional 44,173 shares in the last quarter. Finally, Triasima Portfolio Management inc. bought a new position in Methanex in the fourth quarter valued at approximately $1,540,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.