Raymond James Trims Methanex (NASDAQ:MEOH) Target Price to $54.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective dropped by Raymond James from $62.00 to $54.00 in a report issued on Wednesday, Marketbeat.com reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Raymond James’ price objective points to a potential upside of 44.42% from the stock’s previous close. Raymond James also issued estimates for Methanex’s Q3 2024 earnings at $0.52 EPS and FY2024 earnings at $2.80 EPS.

MEOH has been the topic of a number of other research reports. Barclays lowered Methanex from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $56.00 to $44.00 in a research report on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Piper Sandler increased their price target on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday. Jefferies Financial Group raised their price objective on shares of Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, Scotiabank upped their target price on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 10th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $55.88.

Methanex Trading Up 2.2 %

Shares of Methanex stock opened at $37.39 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $45.69 and a 200-day simple moving average of $47.30. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 15.84 and a beta of 1.36. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The firm had revenue of $920.00 million during the quarter, compared to analysts’ expectations of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. Methanex’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 earnings per share. On average, equities analysts forecast that Methanex will post 2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its stake in shares of Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC purchased a new stake in Methanex during the first quarter worth approximately $45,000. Blue Trust Inc. increased its position in shares of Methanex by 52,500.0% in the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Methanex by 572.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after acquiring an additional 1,626 shares during the period. Finally, U S Global Investors Inc. acquired a new position in shares of Methanex during the 1st quarter valued at $178,000. 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.