Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) had its target price hoisted by stock analysts at Scotiabank from $58.00 to $60.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the specialty chemicals company’s stock. Scotiabank’s target price points to a potential upside of 18.98% from the company’s current price. Scotiabank also issued estimates for Methanex’s Q2 2024 earnings at $0.58 EPS.
Several other brokerages have also commented on MEOH. UBS Group upped their target price on Methanex from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a report on Friday, June 28th. Finally, Jefferies Financial Group increased their price target on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.
View Our Latest Report on Methanex
Methanex Stock Up 1.1 %
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.30 by $0.35. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The company had revenue of $916.00 million for the quarter, compared to analyst estimates of $908.50 million. Equities research analysts anticipate that Methanex will post 2.22 EPS for the current year.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in MEOH. Headlands Technologies LLC grew its position in Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC bought a new stake in Methanex during the first quarter worth $45,000. U S Global Investors Inc. bought a new stake in Methanex during the first quarter worth $178,000. Citigroup Inc. boosted its position in Methanex by 40.2% in the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after purchasing an additional 1,158 shares during the last quarter. Finally, Ausbil Investment Management Ltd bought a new position in Methanex in the 4th quarter valued at $195,000. 73.49% of the stock is owned by institutional investors.
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.
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