StockNews.com Upgrades Methanex (NASDAQ:MEOH) to “Buy”

StockNews.com upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a buy rating in a research note released on Friday morning.

MEOH has been the subject of a number of other reports. Raymond James lowered their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $56.00 to $44.00 in a report on Tuesday, September 10th. 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. UBS Group decreased their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday. Finally, Piper Sandler increased their price objective on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.25.

Methanex Stock Performance

Shares of Methanex stock opened at $42.19 on Friday. Methanex has a one year low of $36.13 and a one year high of $56.43. The company has a market cap of $2.84 billion, a PE ratio of 19.72 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.87 and a current ratio of 1.34. The business has a 50-day simple moving average of $40.99 and a 200-day simple moving average of $45.98.

Hedge Funds Weigh In On Methanex

Institutional investors have recently made changes to their positions in the business. M&G Plc acquired a new stake in shares of Methanex during the 1st quarter valued at approximately $589,459,000. Bank of Montreal Can grew its stake in shares of Methanex by 16.3% in the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after purchasing an additional 159,542 shares in the last quarter. Intact Investment Management Inc. grew its stake in shares of Methanex by 73.2% in the second quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after purchasing an additional 124,600 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Methanex in the second quarter worth $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. grew 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 in the last quarter. 73.49% of the stock is 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.