Methanex (NASDAQ:MEOH) Given “Sector Perform” Rating at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reiterated by analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $55.00 price objective on the specialty chemicals company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 61.53% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Raymond James lifted their price target on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, January 14th. Scotiabank downgraded Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $66.00 to $53.00 in a research note on Monday, March 10th. CIBC restated an “outperform” rating on shares of Methanex in a research note on Monday, February 3rd. Barclays decreased their price target on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, UBS Group increased their price objective on shares of Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.63.

Methanex Trading Down 0.8 %

MEOH opened at $34.05 on Tuesday. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. Methanex has a twelve month low of $33.96 and a twelve month high of $56.43. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 14.74 and a beta of 1.38. The company has a 50-day simple moving average of $43.31 and a 200 day simple moving average of $44.12.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly 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 10.97%. Analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Methanex

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in Methanex by 4,776.7% in the fourth quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock valued at $44,960,000 after buying an additional 881,823 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Methanex in the 4th quarter worth about $38,301,000. Norges Bank acquired a new position in shares of Methanex in the 4th quarter valued at about $34,119,000. Encompass Capital Advisors LLC acquired a new position in shares of Methanex in the 4th quarter valued at about $26,835,000. Finally, Raymond James Financial Inc. acquired a new position in Methanex in the fourth quarter valued at approximately $14,327,000. 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.