Methanex (NASDAQ:MEOH) Price Target Lowered to $58.00 at TD Securities

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lowered by investment analysts at TD Securities from $71.00 to $58.00 in a note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price objective would suggest a potential upside of 37.02% from the company’s previous close.

A number of other analysts have also recently weighed in on MEOH. ValuEngine cut shares of Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. BidaskClub cut shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. UBS Group restated a “buy” rating and issued a $124.00 price objective on shares of Cie Gnrl des Etblsmnts Michelin SCA in a research note on Thursday, April 25th. Royal Bank of Canada set a $147.00 price objective on shares of Ameriprise Financial and gave the stock a “hold” rating in a research note on Friday, April 26th. Finally, BMO Capital Markets reduced their price objective on shares of Methanex from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $68.93.

Shares of Methanex stock traded up $0.29 on Friday, reaching $42.33. The stock had a trading volume of 25,265 shares, compared to its average volume of 390,655. The business has a 50-day moving average price of $44.44. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.90. Methanex has a fifty-two week low of $40.43 and a fifty-two week high of $83.23. The company has a market capitalization of $3.24 billion, a PE ratio of 6.17, a P/E/G ratio of 0.84 and a beta of 1.67.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. Methanex had a net margin of 11.84% and a return on equity of 24.89%. The business had revenue of $773.00 million during the quarter, compared to analysts’ expectations of $790.00 million. During the same period in the previous year, the company earned $2.03 earnings per share. Methanex’s revenue for the quarter was down 19.6% on a year-over-year basis. On average, sell-side analysts forecast that Methanex will post 3.43 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in MEOH. Legal & General Group Plc raised its stake in shares of Methanex by 11.2% in the 4th quarter. Legal & General Group Plc now owns 122,461 shares of the specialty chemicals company’s stock valued at $5,887,000 after buying an additional 12,380 shares in the last quarter. Cidel Asset Management Inc. acquired a new position in shares of Methanex in the 1st quarter valued at $7,381,000. Bank of America Corp DE raised its stake in shares of Methanex by 10.1% in the 4th quarter. Bank of America Corp DE now owns 221,582 shares of the specialty chemicals company’s stock valued at $10,674,000 after buying an additional 20,327 shares in the last quarter. FIL Ltd raised its stake in shares of Methanex by 145.0% in the 1st quarter. FIL Ltd now owns 1,679,092 shares of the specialty chemicals company’s stock valued at $95,366,000 after buying an additional 993,793 shares in the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Methanex by 52.6% in the 4th quarter. APG Asset Management N.V. now owns 293,347 shares of the specialty chemicals company’s stock valued at $12,353,000 after buying an additional 101,100 shares in the last quarter. Hedge funds and other institutional investors own 70.53% of the company’s stock.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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