Methanex (NASDAQ:MEOH) Given New $63.00 Price Target at JPMorgan Chase & Co.

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by research analysts at JPMorgan Chase & Co. from $55.00 to $63.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 9.32% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. UBS Group raised their target price on Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a report on Monday, October 5th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $77.00 price target on shares of Methanex in a research note on Monday, October 19th. Wall Street Zen raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Zacks Research raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Finally, Weiss Ratings raised shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Methanex has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Methanex Trading Down 2.9%

Shares of NASDAQ MEOH traded down $2.10 during trading on Monday, reaching $69.47. The stock had a trading volume of 184,662 shares, compared to its average volume of 995,452. Methanex has a fifty-two week low of $34.01 and a fifty-two week high of $72.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.69. The business’s 50-day moving average price is $61.17 and its 200-day moving average price is $56.29. The company has a market cap of $5.37 billion, a P/E ratio of 15.41 and a beta of 0.72.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.85. Methanex had a return on equity of 20.89% and a net margin of 7.62%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the business earned $0.06 EPS. The company’s quarterly revenue was up 49.7% compared to the same quarter last year. On average, equities research analysts predict that Methanex will post 9.20 EPS for the current fiscal year.

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Methanex in the second quarter valued at approximately $26,154,000. Bank of America Corp DE lifted its position in shares of Methanex by 202.3% during the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock worth $40,571,000 after buying an additional 455,975 shares during the last quarter. Engineers Gate Manager LP lifted its position in shares of Methanex by 482.8% during the 2nd quarter. Engineers Gate Manager LP now owns 75,384 shares of the specialty chemicals company’s stock worth $3,479,000 after buying an additional 62,449 shares during the last quarter. Wealth High Governance Asset Management Ltda. purchased a new stake in shares of Methanex during the 1st quarter worth approximately $2,131,000. Finally, Readystate Asset Management LP purchased a new position in shares of Methanex in the 2nd quarter valued at $2,255,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.