Barclays Increases Methanex (NASDAQ:MEOH) Price Target to $63.00

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) had its price objective increased by stock analysts at Barclays from $60.00 to $63.00 in a note issued to investors on Monday, The Fly reports. Barclays‘s price target would indicate a potential upside of 25.60% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Tudor Pickering & Holt set a $44.00 price target on shares of Methanex and gave the company a “hold” rating in a report on Wednesday, January 26th. Raymond James set a $58.00 target price on shares of Methanex and gave the stock a “market perform” rating in a report on Thursday. TD Securities boosted their target price on shares of Methanex from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, March 28th. TheStreet upgraded shares of Methanex from a “c+” rating to a “b-” rating in a report on Monday, January 31st. Finally, UBS Group set a $35.00 target price on shares of Methanex and gave the stock a “sell” rating in a report on Thursday, January 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $52.92.

Shares of Methanex stock opened at $50.16 on Monday. The stock’s fifty day simple moving average is $52.82. The stock has a market cap of $3.67 billion, a PE ratio of 7.90 and a beta of 1.77. Methanex has a 1-year low of $29.61 and a 1-year high of $56.79. The company has a quick ratio of 1.59, a current ratio of 2.06 and a debt-to-equity ratio of 1.10.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last issued its quarterly earnings results on Wednesday, April 27th. The specialty chemicals company reported $2.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.00 by $0.16. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Methanex had a net margin of 10.87% and a return on equity of 29.13%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 EPS. On average, equities research analysts expect that Methanex will post 6.01 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. C M Bidwell & Associates Ltd. boosted its position in Methanex by 284.8% in the 1st quarter. C M Bidwell & Associates Ltd. now owns 3,425 shares of the specialty chemicals company’s stock valued at $187,000 after buying an additional 2,535 shares during the period. Hillsdale Investment Management Inc. boosted its position in Methanex by 33.2% in the 1st quarter. Hillsdale Investment Management Inc. now owns 394,800 shares of the specialty chemicals company’s stock valued at $21,515,000 after buying an additional 98,382 shares during the period. Tobam purchased a new stake in Methanex in the 1st quarter valued at about $1,101,000. Assenagon Asset Management S.A. purchased a new stake in Methanex in the 1st quarter valued at about $249,000. Finally, Norges Bank purchased a new stake in Methanex in the 4th quarter valued at about $25,259,000. 91.37% of the stock is owned by hedge funds and other institutional investors.

Methanex Company Profile (Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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