Piper Sandler Increases Methanex (NASDAQ:MEOH) Price Target to $71.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by Piper Sandler from $68.00 to $71.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the specialty chemicals company’s stock.

Several other equities research analysts have also commented on MEOH. Raymond James reduced their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research note on Tuesday, September 3rd. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Barclays boosted their price target on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, UBS Group decreased their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.88.

Methanex Stock Performance

MEOH stock opened at $44.47 on Tuesday. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The business has a 50-day moving average price of $40.87 and a 200 day moving average price of $45.73. The company has a market capitalization of $3.00 billion, a P/E ratio of 20.78 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01.

Institutional Investors Weigh In On Methanex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can increased its holdings in shares of Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after acquiring an additional 159,542 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Methanex by 1,495.7% during the 3rd 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 in the last quarter. Intact Investment Management Inc. increased its stake in Methanex by 73.2% during the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after purchasing an additional 124,600 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Methanex in the second quarter worth $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after buying an additional 106,848 shares during the period. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

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.