UBS Group Cuts Methanex (NASDAQ:MEOH) Price Target to $54.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price cut by analysts at UBS Group from $58.00 to $54.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s price target would suggest a potential upside of 40.92% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Barclays lowered shares of Methanex from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. Piper Sandler lifted their price objective on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Scotiabank upped their target price on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their price target on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.38.

Methanex Trading Up 1.5 %

NASDAQ MEOH traded up $0.58 during trading hours on Monday, hitting $38.32. 189,359 shares of the company were exchanged, compared to its average volume of 295,702. The stock has a market cap of $2.58 billion, a PE ratio of 16.25 and a beta of 1.36. The stock has a 50-day moving average price of $45.50 and a 200 day moving average price of $47.29. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

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 analysts’ consensus estimates of $0.52 by $0.10. The business had revenue of $920.00 million for the quarter, compared to analyst estimates of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. Analysts forecast that Methanex will post 2.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently bought and sold shares of MEOH. Clearbridge Investments LLC lifted its holdings in Methanex by 18.4% in the 2nd quarter. Clearbridge Investments LLC now owns 52,350 shares of the specialty chemicals company’s stock valued at $2,526,000 after purchasing an additional 8,150 shares in the last quarter. Truist Financial Corp raised its position in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after buying an additional 294 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Methanex in the second quarter worth about $858,000. Mackenzie Financial Corp boosted its position in Methanex by 3.4% during the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock worth $35,082,000 after acquiring an additional 23,747 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Methanex by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock valued at $2,699,000 after acquiring an additional 887 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.