Methanex (NASDAQ:MEOH) Price Target Increased to $50.00 by Analysts at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target boosted by research analysts at Royal Bank of Canada from $45.00 to $50.00 in a report issued on Friday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 2.52% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Barclays lifted their price objective on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, February 12th. UBS Group upped their target price on Methanex from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. TheStreet raised shares of Methanex from a “c” rating to a “b-” rating in a research report on Thursday, January 11th. Piper Sandler reiterated a “neutral” rating and issued a $50.00 target price on shares of Methanex in a research note on Thursday, March 7th. Finally, Raymond James cut their price target on shares of Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and a consensus price target of $54.38.

Methanex Stock Up 2.1 %

MEOH stock traded up $1.00 during trading on Friday, hitting $48.77. 277,672 shares of the company’s stock traded hands, compared to its average volume of 302,481. The firm has a market capitalization of $3.29 billion, a P/E ratio of 20.54 and a beta of 1.50. Methanex has a 1 year low of $38.18 and a 1 year high of $51.42. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 0.84. The business has a fifty day simple moving average of $45.53 and a two-hundred day simple moving average of $44.71.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a return on equity of 5.36% and a net margin of 4.63%. The firm had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. Sell-side analysts anticipate that Methanex will post 2.35 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MEOH. Shell Asset Management Co. increased its stake in shares of Methanex by 6.2% in the 3rd quarter. Shell Asset Management Co. now owns 5,129 shares of the specialty chemicals company’s stock valued at $232,000 after purchasing an additional 300 shares in the last quarter. Westbourne Investment Advisors Inc. increased its position in shares of Methanex by 0.4% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 104,216 shares of the specialty chemicals company’s stock valued at $4,936,000 after buying an additional 465 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Methanex by 0.8% during the 3rd quarter. Toronto Dominion Bank now owns 60,504 shares of the specialty chemicals company’s stock worth $2,726,000 after buying an additional 487 shares during the period. Cerity Partners LLC lifted its position in shares of Methanex by 3.6% during the 4th quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock valued at $666,000 after buying an additional 492 shares in the last quarter. Finally, Exencial Wealth Advisors LLC grew its stake in Methanex by 7.1% in the 3rd quarter. Exencial Wealth Advisors LLC now owns 16,708 shares of the specialty chemicals company’s stock valued at $753,000 after acquiring an additional 1,104 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.