Methanex (NASDAQ:MEOH) Sees Unusually-High Trading Volume

Methanex Co. (NASDAQ:MEOHGet Rating) (TSE:MX) saw unusually-high trading volume on Friday . Approximately 72,911 shares traded hands during trading, a decline of 85% from the previous session’s volume of 483,441 shares.The stock last traded at $37.44 and had previously closed at $35.22.

Analysts Set New Price Targets

MEOH has been the subject of several recent research reports. TheStreet lowered Methanex from a “b-” rating to a “c-” rating in a report on Friday, October 28th. Piper Sandler reduced their target price on shares of Methanex from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Monday, October 10th. Barclays dropped their price target on shares of Methanex from $52.00 to $48.00 in a research note on Tuesday, October 11th. Royal Bank of Canada reduced their price objective on shares of Methanex from $55.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, October 4th. Finally, Scotiabank upgraded Methanex from a “sector perform” rating to a “sector outperform” rating and set a $46.00 target price on the stock in a research report on Monday, September 26th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.73.

Methanex Stock Up 8.3 %

The stock’s fifty day moving average price is $34.34 and its 200 day moving average price is $40.18. The company has a current ratio of 2.15, a quick ratio of 1.71 and a debt-to-equity ratio of 0.86. The stock has a market cap of $2.67 billion, a P/E ratio of 5.97 and a beta of 1.62.

Hedge Funds Weigh In On Methanex

Large investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. bought a new position in Methanex during the first quarter valued at approximately $27,000. Van ECK Associates Corp raised its position in Methanex by 64.7% in the 1st quarter. Van ECK Associates Corp now owns 779 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 306 shares during the period. Wipfli Financial Advisors LLC purchased a new stake in Methanex during the third quarter valued at about $34,000. Lazard Asset Management LLC grew its stake in shares of Methanex by 37.2% during the first quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 302 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. increased its holdings in shares of Methanex by 284.8% in the first quarter. C M Bidwell & Associates Ltd. now owns 3,425 shares of the specialty chemicals company’s stock worth $187,000 after buying an additional 2,535 shares during the period. 72.41% of the stock is owned by hedge funds and other institutional investors.

About Methanex

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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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