Methanex (NASDAQ:MEOH) Price Target Raised to $75.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by Royal Bank Of Canada from $65.00 to $75.00 in a report released on Monday, MarketBeat.com reports. Royal Bank Of Canada currently has an outperform rating on the specialty chemicals company’s stock.

Several other brokerages have also issued reports on MEOH. Raymond James Financial set a $80.00 price target on shares of Methanex in a report on Monday. Weiss Ratings upgraded shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 12th. JPMorgan Chase & Co. raised their price objective on shares of Methanex from $55.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday. Zacks Research raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $77.00 target price on shares of Methanex in a research report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and an average target price of $73.78.

Methanex Stock Performance

MEOH opened at $65.22 on Monday. The stock has a market cap of $5.05 billion, a PE ratio of 9.05 and a beta of 0.72. The company has a current ratio of 1.69, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. Methanex has a 1 year low of $34.01 and a 1 year high of $72.32. The stock’s 50 day simple moving average is $61.72 and its 200-day simple moving average is $56.61.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $2.90 by $0.79. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.30 billion. Methanex had a return on equity of 20.89% and a net margin of 7.62%. Methanex’s revenue was up 49.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 earnings per share. Sell-side analysts forecast that Methanex will post 9.20 EPS for the current year.

Hedge Funds Weigh In On Methanex

A number of hedge funds have recently modified their holdings of MEOH. Parkside Financial Bank & Trust bought a new position in shares of Methanex during the 2nd quarter worth approximately $38,000. Nykredit A S acquired a new stake in Methanex in the 2nd quarter valued at $83,000. Parallel Advisors LLC bought a new stake in Methanex in the third quarter valued at $141,000. State of Wyoming bought a new stake in Methanex in the second quarter valued at $153,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in Methanex in the first quarter valued at $220,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.