Royal Bank of Canada Reaffirms “Sector Perform” Rating for Methanex (NASDAQ:MEOH)

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $55.00 target price on the specialty chemicals company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 5.36% from the company’s current price.

Several other research analysts also recently commented on MEOH. Raymond James lifted their target price on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Barclays upped their target price on Methanex from $46.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. Finally, Scotiabank raised their target price on Methanex from $60.00 to $66.00 and gave the company a “sector outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.75.

Methanex Trading Up 0.9 %

Shares of MEOH stock opened at $52.20 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. The company has a market cap of $3.52 billion, a PE ratio of 22.60 and a beta of 1.37. The stock’s fifty day moving average price is $48.45 and its two-hundred day moving average price is $44.96.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 11.10%. Equities analysts predict that Methanex will post 4.02 EPS for the current fiscal year.

Institutional Trading of Methanex

Several hedge funds have recently added to or reduced their stakes in MEOH. Geode Capital Management LLC boosted its stake in shares of Methanex by 1.2% during the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after purchasing an additional 1,203 shares during the period. Barclays PLC raised its holdings in Methanex by 64.9% during the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after buying an additional 8,047 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Methanex during the 3rd quarter valued at $1,092,000. Point72 Asset Management L.P. grew its holdings in Methanex by 1,495.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after acquiring an additional 130,127 shares during the last quarter. Finally, Truist Financial Corp increased its position in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 294 shares during the period. 73.49% of the stock is owned by institutional investors.

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.