Methanex (NASDAQ:MEOH) PT Raised to $68.00 at Piper Sandler

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by equities research analysts at Piper Sandler from $51.00 to $68.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price target points to a potential upside of 82.40% from the stock’s current price.

Several other brokerages also recently issued reports on MEOH. Scotiabank increased their price objective on Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research report on Tuesday, September 3rd. Barclays downgraded shares of Methanex from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $56.00 to $44.00 in a research report on Tuesday. UBS Group cut their target price on shares of Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Finally, Jefferies Financial Group boosted their price target on shares of Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 10th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Methanex Price Performance

NASDAQ:MEOH traded down $1.82 during trading hours on Tuesday, reaching $37.28. 224,749 shares of the company’s stock were exchanged, compared to its average volume of 288,926. The company has a market capitalization of $2.51 billion, a P/E ratio of 15.93 and a beta of 1.36. Methanex has a 12 month low of $37.03 and a 12 month high of $56.43. The business’s 50-day simple moving average is $46.40 and its two-hundred day simple moving average is $47.50. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The company had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. Sell-side analysts expect that Methanex will post 2.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of Methanex by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 908,008 shares of the specialty chemicals company’s stock worth $43,004,000 after acquiring an additional 15,190 shares during the last quarter. Norges Bank acquired a new stake in shares of Methanex during the 4th quarter worth approximately $34,109,000. Clearbridge Investments LLC bought a new stake in shares of Methanex during the fourth quarter valued at approximately $2,093,000. Trexquant Investment LP raised its stake in shares of Methanex by 35.1% in the fourth quarter. Trexquant Investment LP now owns 8,059 shares of the specialty chemicals company’s stock valued at $382,000 after purchasing an additional 2,094 shares in the last quarter. Finally, Renaissance Group LLC lifted its position in Methanex by 6.8% in the fourth quarter. Renaissance Group LLC now owns 51,547 shares of the specialty chemicals company’s stock worth $2,441,000 after purchasing an additional 3,285 shares during the period. Institutional investors own 73.49% of the company’s stock.

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.