Methanex (NASDAQ:MEOH) Given New $71.00 Price Target at Piper Sandler

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by analysts at Piper Sandler from $68.00 to $71.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s target price would suggest a potential upside of 59.84% from the company’s previous close.

Other equities analysts have also issued reports about the company. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. UBS Group dropped their price target 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. Barclays upped their price objective 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. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Finally, Raymond James cut their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.88.

Methanex Stock Down 0.1 %

Shares of NASDAQ:MEOH opened at $44.42 on Tuesday. The firm has a market cap of $2.99 billion, a P/E ratio of 20.76 and a beta of 1.36. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43. The business has a fifty day simple moving average of $41.02 and a 200 day simple moving average of $45.70. 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

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Methanex by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after acquiring an additional 43,178 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. raised its position in shares of Methanex by 9.9% during 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 period. Bank of Montreal Can lifted its holdings in shares of 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 worth $55,406,000 after purchasing an additional 159,542 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Methanex by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after purchasing an additional 30,887 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Methanex by 3.4% during the 2nd quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock valued at $35,082,000 after purchasing an additional 23,747 shares in the last quarter. 73.49% of the stock is currently 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.