Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by research analysts at Scotiabank from $69.50 to $70.00 in a report issued on Monday. The firm currently has a “sector perform” rating on the specialty chemicals company’s stock. Scotiabank’s price objective suggests a potential upside of 1.45% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. BidaskClub upgraded shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, March 23rd. ValuEngine downgraded shares of Methanex from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. TD Securities boosted their target price on shares of Methanex from $69.00 to $71.00 and gave the stock a “hold” rating in a report on Friday, April 27th. Zacks Investment Research downgraded shares of Methanex from a “buy” rating to a “hold” rating in a report on Tuesday, May 22nd. Finally, BMO Capital Markets boosted their target price on shares of Methanex to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Methanex presently has an average rating of “Hold” and an average target price of $65.46.
Methanex traded down $0.55, reaching $69.00, during trading on Monday, according to MarketBeat.com. 6,399 shares of the stock were exchanged, compared to its average volume of 550,982. The company has a market cap of $5.72 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 0.88 and a beta of 1.65. Methanex has a twelve month low of $39.47 and a twelve month high of $71.60. The company has a current ratio of 1.75, a quick ratio of 1.29 and a debt-to-equity ratio of 0.78.
Methanex declared that its board has approved a stock buyback plan on Monday, March 5th that allows the company to repurchase 6,590,000 outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several hedge funds have recently added to or reduced their stakes in MEOH. Advisors Preferred LLC acquired a new position in shares of Methanex in the first quarter valued at about $103,000. Suntrust Banks Inc. acquired a new position in shares of Methanex in the first quarter valued at about $212,000. Wetherby Asset Management Inc. acquired a new position in shares of Methanex in the first quarter valued at about $216,000. Brinker Capital Inc. acquired a new position in shares of Methanex in the first quarter valued at about $281,000. Finally, Trexquant Investment LP acquired a new position in shares of Methanex in the first quarter valued at about $352,000. Institutional investors and hedge funds own 79.90% of the company’s stock.
Methanex Company Profile
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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