Methanex (NASDAQ:MEOH) (TSE:MX) had its target price hoisted by investment analysts at TD Securities from $59.00 to $66.00 in a report issued on Tuesday. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ target price indicates a potential upside of 14.09% from the company’s current price.
MEOH has been the subject of a number of other reports. Scotiabank set a $53.50 target price on Methanex and gave the company a “sector perform” rating in a report on Thursday, October 26th. Royal Bank of Canada restated a “hold” rating on shares of Methanex in a report on Friday, August 25th. Cowen restated a “buy” rating and set a $55.00 target price on shares of Methanex in a report on Friday, September 1st. Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating and set a $60.00 target price for the company. in a report on Tuesday, October 31st. Finally, UBS raised their target price on Methanex from $42.00 to $44.00 and gave the company a “sell” rating in a report on Friday, October 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $56.47.
Methanex (MEOH) traded up $0.50 during midday trading on Tuesday, hitting $57.85. The stock had a trading volume of 571,400 shares, compared to its average volume of 782,083. The stock has a market cap of $4,813.73, a PE ratio of 17.43, a PEG ratio of 1.03 and a beta of 1.82. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83. Methanex has a fifty-two week low of $39.47 and a fifty-two week high of $58.78.
A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of Methanex by 37.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock worth $158,329,000 after acquiring an additional 976,901 shares in the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Methanex during the 2nd quarter worth about $23,031,000. Neuberger Berman Group LLC raised its position in shares of Methanex by 21.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock worth $70,426,000 after acquiring an additional 281,143 shares in the last quarter. AGF Investments Inc. raised its position in shares of Methanex by 103.7% during the 2nd quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after acquiring an additional 208,413 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Methanex by 98.4% during the 2nd quarter. Renaissance Technologies LLC now owns 378,098 shares of the specialty chemicals company’s stock worth $16,659,000 after acquiring an additional 187,500 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.
Methanex Company Profile
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.
