Methanex (NASDAQ:MEOH) Given New $55.00 Price Target at CIBC

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective lowered by CIBC from $63.00 to $55.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperformer” rating on the specialty chemicals company’s stock. CIBC’s price objective points to a potential upside of 72.09% from the stock’s current price.

MEOH has been the subject of several other reports. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $66.00 to $53.00 in a research note on Monday, March 10th. UBS Group raised their target price on shares of Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Raymond James increased their target price on 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 restated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.63.

Methanex Stock Performance

Shares of NASDAQ:MEOH traded down $2.09 during trading on Thursday, reaching $31.96. The company had a trading volume of 196,387 shares, compared to its average volume of 428,307. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex has a fifty-two week low of $31.75 and a fifty-two week high of $56.43. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 13.84 and a beta of 1.38. The stock’s fifty day moving average price is $43.31 and its 200 day moving average price is $44.12.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. As a group, equities research analysts predict that Methanex will post 4.32 EPS for the current year.

Institutional Trading of Methanex

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Methanex in the third quarter worth about $40,000. Parkside Financial Bank & Trust raised its position 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 worth $101,000 after purchasing an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Methanex in the 4th quarter valued at $106,000. State of Wyoming acquired a new stake in Methanex during the 4th quarter worth about $129,000. Finally, Blue Trust Inc. lifted its stake in Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 371 shares in the last quarter. 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.