Barclays Forecasts Strong Price Appreciation for Methanex (NASDAQ:MEOH) Stock

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by Barclays from $44.00 to $46.00 in a report issued on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the specialty chemicals company’s stock.

Several other brokerages have also recently weighed in on MEOH. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Raymond James lowered their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Piper Sandler boosted their target price on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a report on Tuesday, September 3rd. Finally, UBS Group dropped their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.50.

Methanex Stock Performance

Shares of Methanex stock opened at $42.85 on Monday. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 20.02 and a beta of 1.36. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The company’s fifty day moving average is $40.81 and its 200 day moving average is $45.86. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79.

Institutional Trading of Methanex

A number of hedge funds and other institutional investors have recently bought and sold shares of MEOH. M&G Plc acquired a new position in shares of Methanex during the first quarter valued at about $589,459,000. Bank of Montreal Can lifted its position in Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after acquiring an additional 159,542 shares in the last quarter. Intact Investment Management Inc. boosted its stake in Methanex by 73.2% during the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after purchasing an additional 124,600 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in Methanex during the 2nd quarter worth approximately $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Methanex by 9.9% in the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after purchasing an additional 106,848 shares during the last quarter. Institutional investors 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.