5 Oversold NASDAQ Stocks to Invest in Right Now

2. Methanex Corp. (NASDAQ:MEOH)

Methanex Corp. (NASDAQ:MEOH) is one of the 10 oversold NASDAQ stocks to invest in right now.

On July 1, Nelson Ng from RBC Capital decreased the target price for Methanex Corp. (NASDAQ:MEOH) from $70 to $65, which now results in an adjusted upside of more than 43%. The analyst also reiterated a Sector Perform rating for the stock.

Ng noted that easing of U.S.-Iran tensions and the gradual revival of shipping via the Strait of Hormuz will drive methanol prices to a more stable level during the latter half of the year, following a peak during the second quarter. This outlook formed the basis of his downward adjustment to the price target.

Earlier on June 30, Methanex Corp. (NASDAQ:MEOH) announced that it could not finalize a new natural gas agreement for its Titan methanol plant, based in Trinidad and Tobago. As a result, it will begin idling the plant for an indefinite period.

The company revealed that the current natural gas agreement of Titan will expire during the third quarter of this year, and the company will maintain the plant for a possible future restart if conditions improve.

Methanex Corp. (NASDAQ:MEOH) markets its methanol and ammonia products in the chemical and petrochemical industries. It also leases terminal facilities and in-region storage and manages its storage and shipping facilities.