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

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reissued by equities research analysts at Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $55.00 target price on the specialty chemicals company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 14.06% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reissued a “neutral” rating and set a $50.00 target price on shares of Methanex in a research report on Thursday, March 7th. Scotiabank boosted their target price on Methanex from $54.00 to $58.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 29th. Jefferies Financial Group increased their price target on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, UBS Group boosted their price target on Methanex from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.38.

Methanex Stock Down 0.3 %

Shares of NASDAQ MEOH opened at $48.22 on Friday. Methanex has a 12-month low of $38.18 and a 12-month high of $56.43. The stock’s fifty day simple moving average is $50.32 and its two-hundred day simple moving average is $47.23. The stock has a market capitalization of $3.25 billion, a PE ratio of 20.43 and a beta of 1.42. The company has a current ratio of 1.17, a quick ratio of 0.85 and a debt-to-equity ratio of 0.82.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.35. The company had revenue of $916.00 million for the quarter, compared to analyst estimates of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. As a group, analysts expect that Methanex will post 2.22 EPS for the current fiscal year.

Institutional Trading of Methanex

Several large investors have recently made changes to their positions in MEOH. Headlands Technologies LLC grew its holdings in Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after acquiring an additional 700 shares during the period. Larson Financial Group LLC acquired a new position in shares of Methanex in the 1st quarter valued at $45,000. U S Global Investors Inc. purchased a new stake in Methanex during the first quarter worth $178,000. Citigroup Inc. grew its position in 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 period. Finally, Ausbil Investment Management Ltd purchased a new position in Methanex in the fourth quarter valued at $195,000. 73.49% of the stock is owned by hedge funds and other 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.