Methanex (NASDAQ:MEOH) PT Raised to $50.00 at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target increased by equities research analysts at Royal Bank of Canada from $45.00 to $50.00 in a research note issued to investors on Friday, BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 3.58% from the company’s previous close.

Several other equities analysts have also recently commented on MEOH. Piper Sandler restated a “neutral” rating and set a $50.00 price target on shares of Methanex in a report on Thursday, March 7th. TheStreet upgraded shares of Methanex from a “c” rating to a “b-” rating in a report on Thursday, January 11th. Barclays upped their price objective on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. UBS Group upped their price objective on shares of Methanex from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday. Finally, CIBC upped their price objective on shares of Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.38.

Methanex Trading Up 1.0 %

Methanex stock opened at $48.27 on Friday. The company’s fifty day simple moving average is $45.55 and its 200-day simple moving average is $44.73. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Methanex has a 12 month low of $38.18 and a 12 month high of $51.42. The stock has a market cap of $3.25 billion, a P/E ratio of 20.45 and a beta of 1.50.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.28 by $0.24. Methanex had a net margin of 4.63% and a return on equity of 5.38%. The business had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $901.21 million. As a group, sell-side analysts forecast that Methanex will post 2.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Hedge funds have recently bought and sold shares of the company. U S Global Investors Inc. bought a new stake in Methanex during the first quarter valued at about $178,000. Citigroup Inc. raised its position in shares of Methanex by 40.2% during the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after buying an additional 1,158 shares during the last quarter. Ausbil Investment Management Ltd acquired a new position in shares of Methanex during the fourth quarter valued at about $195,000. Advisor Partners II LLC acquired a new position in shares of Methanex during the third quarter valued at about $209,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of Methanex during the third quarter valued at about $216,000. 73.49% of the stock is currently 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.