Methanex Corporation (NASDAQ:MEOH) Stock Has Consensus Target Price of $70.56

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) have been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $71.33.

Several equities analysts have recently issued reports on MEOH shares. National Bank Financial upped their price target on Methanex from $70.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, October 16th. Zacks Research upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Weiss Ratings upgraded Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $77.00 price objective on shares of Methanex in a report on Monday, October 19th. Finally, UBS Group boosted their price objective on Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, October 5th.

Methanex Stock Performance

Shares of NASDAQ:MEOH opened at $63.55 on Monday. Methanex has a twelve month low of $32.00 and a twelve month high of $66.75. The firm has a market cap of $4.92 billion, a PE ratio of 61.70 and a beta of 0.71. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The business has a fifty day moving average of $60.79 and a 200-day moving average of $56.09.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business posted $0.97 EPS. The company’s revenue was up 75.0% compared to the same quarter last year. On average, equities research analysts predict that Methanex will post 8.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently modified their holdings of MEOH. Bank of America Corp DE bought a new position in shares of Methanex in the 2nd quarter worth $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Methanex in the second quarter valued at about $53,605,000. Dimensional Fund Advisors LP lifted its stake in Methanex by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after buying an additional 50,681 shares during the period. Man Group plc acquired a new position in Methanex in the second quarter valued at about $35,078,000. Finally, BlackRock Inc. bought a new position in Methanex during the second quarter worth about $26,154,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

About Methanex

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.