Methanex (NASDAQ:MEOH) Given New $60.00 Price Target at Raymond James

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX had its target price raised by Raymond James from $54.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the specialty chemicals company's stock. Raymond James' price objective points to a potential upside of 21.29% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. CIBC reiterated an "outperformer" rating and issued a $59.00 price objective (up previously from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Barclays lifted their price target on shares of Methanex from $44.00 to $46.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. StockNews.com raised shares of Methanex from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Piper Sandler lifted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. Finally, UBS Group decreased their price target on shares of Methanex from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.00.

Methanex Trading Up 3.0 %

Shares of NASDAQ MEOH traded up $1.42 during midday trading on Tuesday, reaching $49.47. The company had a trading volume of 255,700 shares, compared to its average volume of 355,900. The firm's fifty day moving average price is $46.36 and its 200-day moving average price is $44.78. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. Methanex has a one year low of $36.13 and a one year high of $56.43. The stock has a market cap of $3.33 billion, a PE ratio of 23.12 and a beta of 1.37.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB purchased a new position in shares of Methanex in the 3rd quarter worth about $40,000. EverSource Wealth Advisors LLC raised its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company's stock worth $93,000 after buying an additional 1,626 shares during the last quarter. Blue Trust Inc. raised its holdings in Methanex by 56.8% in the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company's stock worth $102,000 after buying an additional 896 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Methanex in the second quarter worth approximately $201,000. Finally, Value Partners Investments Inc. grew its holdings in shares of Methanex by 10.4% during the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company's stock valued at $233,000 after buying an additional 532 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

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.