Methanex (NASDAQ:MEOH) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Research analysts at JPMorgan Chase & Co. started coverage on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $33.00 price target on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 5.85% from the company’s current price.

A number of other equities analysts also recently weighed in on MEOH. Scotiabank upgraded shares of Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 target price on the stock in a report on Monday, May 5th. Barclays lowered their price objective on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. Wall Street Zen downgraded shares of Methanex from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. UBS Group reduced their price target on Methanex from $51.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Finally, Raymond James dropped their price objective on Methanex from $62.00 to $40.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. 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 stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and an average target price of $44.88.

Methanex Trading Up 5.2%

Methanex stock opened at $35.05 on Tuesday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 15.17 and a beta of 0.93. The firm has a 50-day moving average of $31.30 and a 200-day moving average of $40.40. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex has a one year low of $25.46 and a one year high of $54.49.

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

Hedge Funds Weigh In On Methanex

Large investors have recently made changes to their positions in the company. SVB Wealth LLC bought a new position in Methanex during the first quarter worth about $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Methanex during the 1st quarter worth approximately $55,000. Headlands Technologies LLC acquired a new position in shares of Methanex during the 1st quarter worth approximately $82,000. Parkside Financial Bank & Trust increased its holdings in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 573 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Methanex in the fourth quarter valued at approximately $106,000. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.