Methanex (NASDAQ:MEOH) Stock Price Expected to Rise, Raymond James Analyst Says

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by investment analysts at Raymond James from $54.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Raymond James’ price target suggests a potential upside of 22.30% from the company’s previous close.

MEOH has been the subject of several other reports. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. UBS Group decreased their price target on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Piper Sandler raised their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, Barclays lifted their price target on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Methanex Stock Performance

Shares of NASDAQ:MEOH traded up $1.01 during midday trading on Tuesday, hitting $49.06. The stock had a trading volume of 121,372 shares, compared to its average volume of 338,437. The company has a market capitalization of $3.31 billion, a PE ratio of 22.93 and a beta of 1.37. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The stock has a 50 day moving average price of $46.36 and a two-hundred day moving average price of $44.78. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79.

Institutional Trading of Methanex

A number of institutional investors and hedge funds have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB acquired a new stake in Methanex in the 3rd quarter valued at $40,000. EverSource Wealth Advisors LLC boosted its position in shares of Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after buying an additional 1,626 shares during the period. Blue Trust Inc. grew its stake in shares of Methanex by 56.8% in the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after buying an additional 896 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Methanex during the 2nd quarter valued at about $201,000. Finally, Value Partners Investments Inc. lifted its position in Methanex by 10.4% during the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after acquiring an additional 532 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.