Canadian Imperial Bank of Commerce Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by equities researchers at Canadian Imperial Bank of Commerce from $52.00 to $59.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Canadian Imperial Bank of Commerce’s price target indicates a potential upside of 14.86% from the company’s previous close.

MEOH has been the topic of several other research reports. Raymond James Financial lifted their target price on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, March 10th. Jefferies Financial Group increased their price target on Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada boosted their target price on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.60.

Methanex Stock Performance

MEOH stock traded up $0.87 during trading on Tuesday, reaching $51.37. The stock had a trading volume of 1,017,735 shares, compared to its average volume of 828,051. The stock’s 50 day moving average is $48.93 and its two-hundred day moving average is $41.62. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. The firm has a market cap of $3.97 billion, a PE ratio of 45.44 and a beta of 0.65. Methanex has a 52 week low of $25.46 and a 52 week high of $59.09.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business had revenue of $968.81 million for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the business earned $1.24 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Institutional Investors Weigh In On Methanex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC increased its position in Methanex by 33.3% during the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after buying an additional 500 shares during the period. Value Partners Investments Inc. raised its position in Methanex by 3.0% in the 3rd quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock valued at $789,000 after purchasing an additional 570 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Methanex by 61.0% during the 4th 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 period. Franklin Resources Inc. grew its position in Methanex by 8.2% during the 4th 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 holdings in shares of Methanex by 3.9% in the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after buying an additional 848 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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).