UBS Group Cuts Methanex (NASDAQ:MEOH) Price Target to $53.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target cut by analysts at UBS Group from $66.00 to $53.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s price target would indicate a potential upside of 93.07% from the company’s previous close.

Several other equities analysts have also commented on MEOH. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Barclays reduced their price target on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. Piper Sandler lowered shares of Methanex from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $71.00 to $36.00 in a report on Monday. Raymond James upped their price objective on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, January 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research report on Tuesday, April 1st. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.63.

Methanex Price Performance

Shares of MEOH traded down $1.27 during trading hours on Monday, reaching $27.45. 577,737 shares of the company’s stock traded hands, compared to its average volume of 346,489. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. Methanex has a 12 month low of $25.61 and a 12 month high of $56.43. The stock has a market cap of $1.85 billion, a PE ratio of 11.91 and a beta of 1.06. The firm’s 50 day simple moving average is $42.47 and its 200-day simple moving average is $44.02.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Equities analysts expect that Methanex will post 4.32 EPS for the current year.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Methanex during the 3rd quarter valued at about $40,000. Parkside Financial Bank & Trust increased its stake in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Methanex during the fourth quarter valued at approximately $106,000. State of Wyoming purchased a new stake in Methanex in the fourth quarter worth $129,000. Finally, Blue Trust Inc. lifted its stake in Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 371 shares during the period. 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.