National Bank Financial Reiterates $70.00 Price Target for Methanex (NASDAQ:MEOH)

Methanex (NASDAQ:MEOH) (TSE:MX) has been assigned a $70.00 target price by National Bank Financial in a report released on Monday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. National Bank Financial’s price target points to a potential upside of 37.26% from the stock’s previous close.

MEOH has been the subject of several other research reports. Scotiabank lifted their price objective on shares of Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered shares of Methanex from a “buy” rating to a “hold” rating in a research report on Sunday. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and set a $69.00 target price on shares of Methanex in a report on Friday, May 1st. Zacks Research downgraded shares of Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Royal Bank Of Canada cut their price target on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 1st. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Methanex has a consensus rating of “Hold” and a consensus target price of $68.78.

Methanex Stock Performance

MEOH stock traded up $2.34 during trading hours on Monday, hitting $51.00. 665,384 shares of the stock were exchanged, compared to its average volume of 1,126,204. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $3.95 billion, a P/E ratio of -104.12 and a beta of 0.60. The company has a 50-day simple moving average of $56.40 and a two-hundred day simple moving average of $53.19. Methanex has a 12 month low of $32.00 and a 12 month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). The firm had revenue of $957.42 million for the quarter, compared to analyst estimates of $964.76 million. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.30 EPS. On average, analysts forecast that Methanex will post 8.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new stake in shares of Methanex during the 2nd quarter worth approximately $50,000. Clearstead Advisors LLC increased its stake in Methanex by 336.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after acquiring an additional 1,375 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in Methanex by 61.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after acquiring an additional 812 shares during the last quarter. Fifth Third Bancorp raised its position in Methanex by 1,087.3% during the first quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock valued at $228,000 after purchasing an additional 3,501 shares in the last quarter. Finally, Park National Corp OH acquired a new position in Methanex during the first quarter valued at approximately $233,000. 73.49% of the stock is owned by institutional investors.

About Methanex

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).