TD Securities Lowers Methanex (NASDAQ:MEOH) Price Target to $58.00

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Methanex (NASDAQ:MEOH) (TSE:MX) had its price target cut by equities research analysts at TD Securities from $71.00 to $58.00 in a research report issued to clients and investors on Friday, BayStreet.CA reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price target would suggest a potential upside of 36.21% from the company’s previous close.

Several other equities research analysts have also issued reports on MEOH. Royal Bank of Canada set a $147.00 price target on shares of Ameriprise Financial and gave the stock a “hold” rating in a research note on Friday, April 26th. ValuEngine lowered shares of Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. CIBC reiterated a “market perform” rating on shares of Monro in a research note on Thursday. BMO Capital Markets reduced their price objective on shares of Methanex from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Finally, BidaskClub lowered shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $68.93.

Shares of NASDAQ MEOH opened at $42.58 on Friday. Methanex has a fifty-two week low of $40.43 and a fifty-two week high of $83.23. The company has a market cap of $3.23 billion, a PE ratio of 6.21, a price-to-earnings-growth ratio of 0.82 and a beta of 1.67. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.77 and a current ratio of 1.08. The company has a 50-day simple moving average of $44.40.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Methanex had a net margin of 11.84% and a return on equity of 24.89%. The firm had revenue of $773.00 million for the quarter, compared to analysts’ expectations of $790.00 million. During the same quarter last year, the firm earned $2.03 EPS. The company’s quarterly revenue was down 19.6% compared to the same quarter last year. As a group, equities analysts predict that Methanex will post 3.43 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Beutel Goodman & Co Ltd. acquired a new position in shares of Methanex in the 1st quarter valued at about $87,000. Quadrant Capital Group LLC grew its position in shares of Methanex by 35.6% in the first quarter. Quadrant Capital Group LLC now owns 2,266 shares of the specialty chemicals company’s stock valued at $125,000 after purchasing an additional 595 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Methanex in the fourth quarter valued at approximately $168,000. SG Americas Securities LLC purchased a new stake in shares of Methanex in the first quarter valued at approximately $198,000. Finally, Brinker Capital Inc. purchased a new stake in shares of Methanex in the first quarter valued at approximately $224,000. Hedge funds and other institutional investors own 70.53% of the company’s stock.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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