Piper Sandler Increases Methanex (NASDAQ:MEOH) Price Target to $71.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by Piper Sandler from $68.00 to $71.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price target indicates a potential upside of 59.84% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. UBS Group decreased their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Raymond James dropped their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Barclays increased their price target on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.88.

Methanex Stock Performance

NASDAQ:MEOH opened at $44.42 on Tuesday. The stock has a 50 day simple moving average of $41.02 and a 200 day simple moving average of $45.70. The stock has a market cap of $2.99 billion, a P/E ratio of 20.76 and a beta of 1.36. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79.

Hedge Funds Weigh In On Methanex

Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its position in Methanex by 16.3% in the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after buying an additional 159,542 shares in the last quarter. Point72 Asset Management L.P. grew its position in Methanex by 1,495.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after acquiring an additional 130,127 shares during the last quarter. Intact Investment Management Inc. increased its holdings in Methanex by 73.2% in the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after purchasing an additional 124,600 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Methanex in the second quarter valued at about $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. boosted its stake in shares of Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock valued at $49,022,000 after purchasing an additional 106,848 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.