Scotiabank Reiterates “Hold” Rating for Methanex (MEOH)
Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “hold” rating reiterated by stock analysts at Scotiabank in a research note issued to investors on Wednesday. They currently have a $63.00 target price on the specialty chemicals company’s stock. Scotiabank’s price objective points to a potential downside of 1.64% from the company’s previous close.
A number of other analysts have also recently weighed in on the company. TD Securities raised their price objective on Methanex from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Jefferies Group reissued a “buy” rating and issued a $60.00 price objective on shares of Methanex in a research report on Thursday, October 19th. ValuEngine cut Methanex from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 30th. BMO Capital Markets reissued a “buy” rating and issued a $57.00 price objective on shares of Methanex in a research report on Friday, November 24th. Finally, Zacks Investment Research raised Methanex from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $56.93.
Shares of Methanex (MEOH) traded up $1.30 during midday trading on Wednesday, reaching $64.05. The company’s stock had a trading volume of 629,100 shares, compared to its average volume of 602,450. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.59 and a quick ratio of 1.17. The company has a market cap of $5,266.98, a PE ratio of 21.28, a PEG ratio of 1.05 and a beta of 1.82. Methanex has a 1-year low of $39.47 and a 1-year high of $64.25.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners boosted its stake in shares of Methanex by 2.2% during the second quarter. Boston Partners now owns 6,397,800 shares of the specialty chemicals company’s stock worth $186,176,000 after buying an additional 135,578 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Methanex by 5.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,008,791 shares of the specialty chemicals company’s stock worth $143,033,000 after purchasing an additional 190,775 shares in the last quarter. FMR LLC increased its stake in shares of Methanex by 30.2% during the 1st quarter. FMR LLC now owns 3,341,500 shares of the specialty chemicals company’s stock worth $156,568,000 after purchasing an additional 774,598 shares in the last quarter. Fiera Capital Corp increased its stake in shares of Methanex by 7.3% during the 4th quarter. Fiera Capital Corp now owns 2,182,575 shares of the specialty chemicals company’s stock worth $95,563,000 after purchasing an additional 148,461 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Methanex by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock worth $91,090,000 after purchasing an additional 76,132 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.
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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