Methanex (NASDAQ:MEOH) Upgraded at Alembic Global Advisors

Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) was upgraded by stock analysts at Alembic Global Advisors from a “neutral” rating to an “overweight” rating in a research note issued to investors on Monday, Marketbeat reports. The firm currently has a $60.00 target price on the specialty chemicals company’s stock, up from their prior target price of $40.00. Alembic Global Advisors’ price target would suggest a potential upside of 27.88% from the stock’s current price.

Other research analysts have also issued research reports about the company. Tudor Pickering upgraded Methanex from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Monday, February 6th. Raymond James boosted their price target on Methanex from $50.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, February 6th. Barclays boosted their price target on Methanex from $48.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, February 9th. BMO Capital Markets boosted their price target on Methanex from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, February 6th. Finally, Jefferies Financial Group lowered their price target on Methanex from $56.00 to $47.00 and set a “buy” rating for the company in a report on Monday, December 19th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and an average price target of $54.50.

Methanex Trading Down 0.2 %

MEOH opened at $46.92 on Monday. The firm has a market cap of $3.24 billion, a P/E ratio of 10.50 and a beta of 1.62. Methanex has a 12 month low of $28.73 and a 12 month high of $56.79. The company has a current ratio of 1.99, a quick ratio of 1.52 and a debt-to-equity ratio of 0.88. The stock has a 50-day moving average of $47.59 and a 200 day moving average of $40.10.

Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) last released its quarterly earnings results on Friday, February 3rd. The specialty chemicals company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.46 by $0.27. Methanex had a return on equity of 14.30% and a net margin of 8.21%. The company had revenue of $986.00 million during the quarter, compared to analyst estimates of $878.55 million. During the same quarter last year, the business posted $2.43 earnings per share. The firm’s revenue was down 21.3% on a year-over-year basis. As a group, research analysts forecast that Methanex will post 3.82 EPS for the current year.

Hedge Funds Weigh In On Methanex

A number of large investors have recently made changes to their positions in MEOH. Balyasny Asset Management LLC increased its position in shares of Methanex by 271.9% during the third quarter. Balyasny Asset Management LLC now owns 858,559 shares of the specialty chemicals company’s stock worth $27,361,000 after purchasing an additional 627,671 shares in the last quarter. Norges Bank acquired a new position in shares of Methanex during the fourth quarter worth $23,513,000. Mackenzie Financial Corp increased its position in shares of Methanex by 60.7% during the first quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock worth $89,072,000 after purchasing an additional 616,146 shares in the last quarter. Standard Investments LLC increased its position in shares of Methanex by 17.8% during the fourth quarter. Standard Investments LLC now owns 2,580,000 shares of the specialty chemicals company’s stock worth $97,679,000 after purchasing an additional 390,000 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Methanex by 810.5% during the second quarter. Millennium Management LLC now owns 354,256 shares of the specialty chemicals company’s stock valued at $13,540,000 after buying an additional 315,350 shares during the last quarter. 69.38% of the stock is owned by institutional investors and hedge funds.

About Methanex

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Methanex Corp. engages in the production and supply of methanol. The firm supplies in the international market such as North America, Asia Pacific, Europe, and South America. It also operates the methanol ocean tanker fleet. The company was founded on March 11, 1968 and is headquartered in Vancouver, Canada.