Barclays Forecasts Strong Price Appreciation for Methanex (NASDAQ:MEOH) Stock

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price hoisted by investment analysts at Barclays from $44.00 to $46.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s price objective indicates a potential upside of 8.67% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. UBS Group cut their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler lifted their price objective on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Raymond James reduced their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.50.

Methanex Stock Performance

Shares of MEOH stock opened at $42.33 on Monday. The company’s fifty day moving average price is $40.90 and its 200-day moving average price is $45.93. The stock has a market cap of $2.85 billion, a PE ratio of 19.81 and a beta of 1.36. The company has a current ratio of 1.34, a quick ratio of 0.87 and a debt-to-equity ratio of 0.79. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43.

Hedge Funds Weigh In On Methanex

A number of hedge funds have recently bought and sold shares of MEOH. M&G Plc purchased a new stake in shares of Methanex during the 1st quarter valued at about $589,459,000. Bank of Montreal Can grew its position in Methanex by 16.3% during 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 during the period. Intact Investment Management Inc. increased its holdings in Methanex by 73.2% during the second quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after buying an additional 124,600 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in Methanex in the second quarter worth approximately $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. boosted its stake in shares of Methanex by 9.9% during the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after acquiring an additional 106,848 shares during the last quarter. Hedge funds and other 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.