Methanex (NASDAQ:MEOH) Price Target Lowered to $54.00 at Raymond James

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target decreased by research analysts at Raymond James from $62.00 to $54.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the specialty chemicals company’s stock. Raymond James’ price objective suggests a potential upside of 46.66% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a report on Tuesday, September 3rd. Jefferies Financial Group increased their price target on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Scotiabank lifted 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. Barclays cut Methanex from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $56.00 to $44.00 in a report on Tuesday. Finally, 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 report on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.88.

Methanex Stock Down 5.8 %

MEOH opened at $36.82 on Wednesday. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 15.60 and a beta of 1.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. The firm’s fifty day moving average is $46.17 and its 200 day moving average is $47.45. Methanex has a fifty-two week low of $36.78 and a fifty-two week high of $56.43.

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

Institutional Trading of Methanex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. M&G Plc bought a new position in Methanex during the first quarter valued at $589,459,000. FIL Ltd boosted its stake in shares of Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after purchasing an additional 346,475 shares during the period. Wellington Management Group LLP grew its holdings in Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after purchasing an additional 599,778 shares during the last quarter. Vanguard Group Inc. raised its position in Methanex by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after purchasing an additional 43,178 shares during the period. Finally, Bank of Montreal Can lifted its stake in Methanex by 16.3% in the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after purchasing an additional 159,542 shares during the last quarter. Hedge funds and other 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.