Raymond James Cuts Methanex (NASDAQ:MEOH) Price Target to $40.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lowered by analysts at Raymond James from $62.00 to $40.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the specialty chemicals company’s stock. Raymond James’ price objective indicates a potential upside of 48.29% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. CIBC lowered their target price on Methanex from $63.00 to $55.00 and set an “outperformer” rating for the company in a research note on Thursday, April 3rd. UBS Group dropped their price objective on Methanex from $66.00 to $53.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Scotiabank downgraded shares of Methanex from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $66.00 to $53.00 in a research note on Monday, March 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a report on Tuesday, April 1st. Finally, Piper Sandler lowered Methanex from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $71.00 to $36.00 in a research report on Monday, April 7th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.13.

Methanex Price Performance

NASDAQ:MEOH traded down $0.24 during mid-day trading on Tuesday, reaching $26.98. The stock had a trading volume of 91,059 shares, compared to its average volume of 359,162. The stock has a market capitalization of $1.82 billion, a P/E ratio of 11.67 and a beta of 1.06. The firm has a 50 day moving average price of $38.65 and a two-hundred day moving average price of $43.27. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. Methanex has a one year low of $25.46 and a one year high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share 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%. As a group, analysts expect that Methanex will post 4.32 earnings per share for the current year.

Institutional Trading of Methanex

Institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in Methanex in the 3rd quarter worth approximately $40,000. Parkside Financial Bank & Trust raised its position in Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 573 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Methanex during the 4th quarter valued at about $106,000. State of Wyoming bought a new stake in shares of Methanex in the fourth quarter worth approximately $129,000. Finally, Blue Trust Inc. raised its holdings in shares of 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 purchasing an additional 371 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other 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.