UBS Group Increases Methanex (NASDAQ:MEOH) Price Target to $62.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective upped by UBS Group from $59.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s price objective would indicate a potential upside of 28.44% from the company’s previous close.

Several other research firms have also commented on MEOH. Piper Sandler restated a “neutral” rating and issued a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. TheStreet raised Methanex from a “c” rating to a “b-” rating in a research report on Thursday, January 11th. CIBC increased their target price on shares of Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Raymond James decreased their target price on shares of Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 21st. Finally, Barclays upped their price target on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, February 12th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.38.

Methanex Trading Up 1.0 %

Methanex stock opened at $48.27 on Thursday. The business has a 50-day simple moving average of $45.55 and a two-hundred day simple moving average of $44.73. Methanex has a 52-week low of $38.18 and a 52-week high of $51.42. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The company has a market cap of $3.25 billion, a P/E ratio of 20.45 and a beta of 1.50.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.24. Methanex had a net margin of 4.63% and a return on equity of 5.38%. The company had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. Analysts predict that Methanex will post 2.35 EPS for the current year.

Hedge Funds Weigh In On Methanex

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. U S Global Investors Inc. bought a new position in shares of Methanex during the 1st quarter valued at about $178,000. Citigroup Inc. boosted its stake in Methanex by 40.2% during the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after buying an additional 1,158 shares during the last quarter. Ausbil Investment Management Ltd purchased a new position in Methanex during the 4th quarter valued at approximately $195,000. Advisor Partners II LLC bought a new stake in Methanex in the 3rd quarter worth approximately $209,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Methanex during the 3rd quarter worth approximately $216,000. Institutional investors own 73.49% of the company’s stock.

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.