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

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target upped by Barclays from $44.00 to $46.00 in a research note issued to investors on Monday,Benzinga reports. Barclays currently has an equal weight rating on the specialty chemicals company’s stock.

Several other analysts have also recently weighed in on the company. Raymond James dropped 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. UBS Group decreased their price target on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Piper Sandler boosted their price objective on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.50.

Methanex Stock Up 1.3 %

Shares of MEOH opened at $42.85 on Monday. The firm’s 50-day simple moving average is $40.81 and its 200 day simple moving average is $45.86. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The firm has a market cap of $2.89 billion, a P/E ratio of 20.02 and a beta of 1.36. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MEOH. M&G Plc acquired a new stake in shares of Methanex in the 1st quarter valued at approximately $589,459,000. Bank of Montreal Can increased its holdings in shares of 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 worth $55,406,000 after buying an additional 159,542 shares in the last quarter. Intact Investment Management Inc. lifted its stake in shares of Methanex by 73.2% in the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after acquiring an additional 124,600 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Methanex during the 2nd quarter valued at $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. grew its position in 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. Institutional investors and hedge funds 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.