Methanex (NASDAQ:MEOH) Stock Rating Upgraded by Piper Sandler

Methanex (NASDAQ:MEOH) (TSE:MX) was upgraded by stock analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a $51.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $50.00. Piper Sandler’s price target points to a potential upside of 20.85% from the stock’s current price.

MEOH has been the topic of several other reports. Scotiabank raised their target price on shares of Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their price target on shares of Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 10th. UBS Group dropped their price objective on Methanex from $64.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.75.

Methanex Trading Up 1.7 %

Shares of Methanex stock opened at $42.20 on Wednesday. Methanex has a fifty-two week low of $38.31 and a fifty-two week high of $56.43. The business’s fifty day moving average is $49.01 and its two-hundred day moving average is $47.66. The company has a quick ratio of 0.85, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The firm has a market cap of $2.84 billion, a PE ratio of 17.88 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. The firm had revenue of $920.00 million for the quarter, compared to the consensus estimate of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. Analysts anticipate that Methanex will post 2.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. O Shaughnessy Asset Management LLC grew its stake in shares of Methanex by 0.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock valued at $1,769,000 after buying an additional 229 shares in the last quarter. Pinnacle Associates Ltd. grew its position in Methanex by 1.8% in the first quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock valued at $986,000 after acquiring an additional 393 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Methanex by 3.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after purchasing an additional 411 shares during the period. Cerity Partners LLC lifted its position in shares of Methanex by 3.6% during the fourth quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock worth $666,000 after purchasing an additional 492 shares in the last quarter. Finally, Value Partners Investments Inc. lifted its position in shares of Methanex by 13.3% during the second quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after purchasing an additional 599 shares in the last quarter. Institutional investors and hedge funds 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.