Methanex (NASDAQ:MEOH) Given New $60.00 Price Target at Raymond James

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by research 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 objective indicates a potential upside of 22.30% from the company’s previous close.

Several other analysts have also recently issued reports on MEOH. UBS Group decreased their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Monday, January 6th. Barclays lifted their price target on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.00.

Methanex Price Performance

Shares of Methanex stock traded up $1.01 on Tuesday, hitting $49.06. 121,372 shares of the company traded hands, compared to its average volume of 338,437. The stock has a market capitalization of $3.31 billion, a P/E ratio of 22.93 and a beta of 1.37. The business has a 50-day simple moving average of $46.36 and a 200 day simple moving average of $44.78. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp grew its position in shares of Methanex by 5.0% during the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after acquiring an additional 294 shares during the last quarter. Bank of Hawaii increased its stake in Methanex by 4.2% in the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock valued at $474,000 after purchasing an additional 465 shares during the period. Value Partners Investments Inc. raised its holdings in shares of Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after buying an additional 532 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Methanex by 3.4% during the third quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock worth $897,000 after buying an additional 707 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Methanex by 1.6% during the second quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock worth $2,699,000 after buying an additional 887 shares during the period. Hedge funds and other 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.