Methanex (MEOH) Receives “Buy” Rating from Cowen
Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “buy” rating reaffirmed by investment analysts at Cowen in a note issued to investors on Thursday. They presently have a $65.00 price target on the specialty chemicals company’s stock, up from their previous price target of $58.00. Cowen’s target price indicates a potential upside of 13.54% from the stock’s previous close.
Other analysts have also recently issued reports about the company. ValuEngine cut Methanex from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 30th. BMO Capital Markets reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Methanex in a research report on Friday, November 24th. Scotiabank raised their price objective on Methanex from $53.50 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, November 30th. Jefferies Group raised their price objective on Methanex to $60.00 and gave the company a “buy” rating in a research report on Tuesday, September 12th. Finally, Royal Bank of Canada reaffirmed a “hold” rating on shares of Methanex in a research report on Wednesday, September 27th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Methanex presently has an average rating of “Hold” and an average price target of $56.00.
Methanex (NASDAQ MEOH) opened at $57.25 on Thursday. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $4,692.02, a PE ratio of 16.99, a PEG ratio of 1.00 and a beta of 1.82. Methanex has a 52-week low of $39.47 and a 52-week high of $58.25.
Several institutional investors and hedge funds have recently modified their holdings of the company. Guardian Capital Advisors LP increased its stake in shares of Methanex by 43.0% in the 3rd quarter. Guardian Capital Advisors LP now owns 7,455 shares of the specialty chemicals company’s stock valued at $475,000 after purchasing an additional 2,240 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Methanex during the 3rd quarter valued at $704,000. Jane Street Group LLC boosted its holdings in shares of Methanex by 99.8% during the 3rd quarter. Jane Street Group LLC now owns 23,504 shares of the specialty chemicals company’s stock valued at $1,183,000 after acquiring an additional 11,740 shares in the last quarter. Magnetar Financial LLC acquired a new stake in shares of Methanex during the 3rd quarter valued at $801,000. Finally, AMP Capital Investors Ltd boosted its holdings in shares of Methanex by 55.3% during the 3rd quarter. AMP Capital Investors Ltd now owns 160,649 shares of the specialty chemicals company’s stock valued at $8,055,000 after acquiring an additional 57,177 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.
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Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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