CIBC Issues Pessimistic Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lowered by equities research analysts at CIBC from $55.00 to $47.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s price objective suggests a potential upside of 50.21% from the company’s current price.

A number of other equities analysts also recently commented on MEOH. Barclays lowered their price objective on Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. UBS Group reduced their price objective on shares of Methanex from $66.00 to $53.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Piper Sandler downgraded shares of Methanex from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $71.00 to $36.00 in a research note on Monday, April 7th. Raymond James dropped their target price on Methanex from $62.00 to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Finally, Scotiabank cut Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $66.00 to $53.00 in a research report on Monday, March 10th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.13.

Methanex Price Performance

Methanex stock opened at $31.29 on Tuesday. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. Methanex has a 52-week low of $25.46 and a 52-week high of $56.43. The firm has a market cap of $2.11 billion, a PE ratio of 13.55 and a beta of 1.06. The company’s 50 day moving average is $34.33 and its two-hundred day moving average is $42.12.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The business had revenue of $857.90 million for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, research analysts expect that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Methanex by 64.9% in the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after acquiring an additional 8,047 shares during the period. Geode Capital Management LLC boosted its stake in Methanex by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after purchasing an additional 1,203 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Methanex during the 3rd quarter worth $40,000. Legacy Wealth Asset Management LLC purchased a new position in Methanex during the 4th quarter worth $220,000. Finally, Blue Trust Inc. raised its holdings in shares of Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 371 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.