Methanex (NASDAQ:MEOH) Price Target Increased to $48.00 by Analysts at Tudor Pickering & Holt

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by equities researchers at Tudor Pickering & Holt from $40.00 to $48.00 in a research report issued on Monday, BayStreet.CA reports. The firm currently has a “hold” rating on the specialty chemicals company’s stock. Tudor Pickering & Holt’s price objective would indicate a potential upside of 0.31% from the company’s previous close.

MEOH has been the subject of a number of other research reports. Scotiabank upgraded Methanex from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $40.00 to $50.00 in a research report on Monday, September 20th. Tudor Pickering lifted their price target on Methanex from $38.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, September 1st. Barclays raised Methanex from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $39.00 to $53.00 in a research note on Tuesday, September 7th. Raymond James reissued an “outperform” rating and set a $55.00 price objective on shares of Methanex in a research report on Friday, July 30th. Finally, TD Securities boosted their target price on shares of Methanex from $54.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 30th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.08.

Shares of Methanex stock traded up $2.51 on Monday, reaching $47.85. 37,360 shares of the company’s stock were exchanged, compared to its average volume of 321,510. The company has a market capitalization of $3.65 billion, a P/E ratio of 47.85 and a beta of 2.26. Methanex has a 52 week low of $22.07 and a 52 week high of $49.27. The firm’s 50-day moving average is $35.94 and its two-hundred day moving average is $36.34. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.58 and a current ratio of 2.05.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Tuesday, July 27th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.09. Methanex had a return on equity of 7.03% and a net margin of 2.78%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $990.00 million. On average, analysts expect that Methanex will post 5.19 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&G Investment Management Ltd. increased its position in shares of Methanex by 4.5% in the 1st quarter. M&G Investment Management Ltd. now owns 14,858,651 shares of the specialty chemicals company’s stock valued at $549,770,000 after acquiring an additional 633,976 shares during the period. FIL Ltd increased its position in shares of Methanex by 9.7% in the 1st quarter. FIL Ltd now owns 8,610,486 shares of the specialty chemicals company’s stock valued at $317,712,000 after acquiring an additional 759,839 shares during the period. Bank of Montreal Can increased its position in shares of Methanex by 4.5% in the 2nd quarter. Bank of Montreal Can now owns 1,304,856 shares of the specialty chemicals company’s stock valued at $43,255,000 after acquiring an additional 56,438 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. increased its position in shares of Methanex by 16.4% in the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 920,091 shares of the specialty chemicals company’s stock valued at $30,494,000 after acquiring an additional 129,586 shares during the period. Finally, Morgan Stanley grew its position in Methanex by 723.8% during the 1st quarter. Morgan Stanley now owns 578,528 shares of the specialty chemicals company’s stock worth $21,290,000 after purchasing an additional 508,299 shares during the period. 64.12% of the stock is currently owned by hedge funds and other institutional investors.

About Methanex

Methanex Corp. engages in the production and supply of methanol. The firm supplies in the international market such as North America, Asia Pacific, Europe, and South America. It also operates the methanol ocean tanker fleet. The company was founded on March 11, 1968 and is headquartered in Vancouver, Canada.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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