UBS Group Issues Pessimistic Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective dropped by equities researchers at UBS Group from $54.00 to $53.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. UBS Group’s price target suggests a potential upside of 25.62% from the company’s current price.

A number of other research analysts have also weighed in on MEOH. Barclays lowered shares of Methanex from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $56.00 to $44.00 in a research note on Tuesday, September 10th. Scotiabank raised their price target on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 10th. Piper Sandler raised their price target on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Raymond James decreased their price objective on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Finally, Royal Bank of Canada restated a “sector perform” rating and set 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 assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.25.

Methanex Stock Up 0.8 %

MEOH traded up $0.35 during trading on Thursday, hitting $42.19. 706,401 shares of the company’s stock were exchanged, compared to its average volume of 251,176. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. The stock has a market cap of $2.84 billion, a P/E ratio of 19.72 and a beta of 1.36. The business’s 50 day moving average is $40.99 and its two-hundred day moving average is $45.99. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently bought and sold shares of MEOH. M&G Plc purchased a new position in Methanex during the first quarter valued at approximately $589,459,000. Bank of Montreal Can lifted 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 purchasing an additional 159,542 shares during the last quarter. Intact Investment Management Inc. lifted its position 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 purchasing an additional 124,600 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in Methanex during the second quarter valued at approximately $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. lifted its position in 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 during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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.