Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price increased by analysts at Canadian Imperial Bank of Commerce from $52.00 to $59.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Canadian Imperial Bank of Commerce’s price objective would indicate a potential upside of 11.59% from the company’s current price.

A number of other brokerages have also recently issued reports on MEOH. Raymond James Financial increased their price objective on Methanex from $45.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, March 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. UBS Group increased their price target on shares of Methanex from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Royal Bank Of Canada raised their price objective on shares of Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.36.

Methanex Trading Up 3.3%

Shares of MEOH stock opened at $52.87 on Tuesday. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 46.79 and a beta of 0.65. The company’s fifty day simple moving average is $49.24 and its two-hundred day simple moving average is $41.81. Methanex has a 1 year low of $25.46 and a 1 year high of $59.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.06 and a quick ratio of 1.37.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The company had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.Methanex’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.24 earnings per share. As a group, analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in shares of Methanex in the second quarter worth approximately $50,000. Parkside Financial Bank & Trust raised its stake in Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after purchasing an additional 1,232 shares in the last quarter. Clearstead Advisors LLC lifted its position in Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after purchasing an additional 1,375 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Methanex by 131.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after buying an additional 1,410 shares in the last quarter. Finally, AXA S.A. purchased a new position in Methanex in the 2nd quarter worth approximately $166,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).