Royal Bank Of Canada Analysts Give Methanex (NASDAQ:MEOH) a $50.00 Price Target

Royal Bank Of Canada set a $50.00 price target on Methanex (NASDAQ:MEOH) (TSE:MX) in a report released on Monday,BayStreet.CA reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

A number of other research analysts also recently commented on MEOH. CIBC reiterated an “outperform” rating on shares of Methanex in a research note on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Scotiabank decreased their price target on Methanex from $50.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Monday, November 3rd. National Bankshares set a $47.00 price objective on Methanex and gave the company an “outperform” rating in a report on Thursday, September 25th. Finally, Zacks Research upgraded Methanex from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Methanex Trading Up 0.6%

NASDAQ:MEOH opened at $44.39 on Monday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 15.05 and a beta of 0.73. Methanex has a one year low of $25.46 and a one year high of $54.49. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09. The business’s 50-day simple moving average is $38.06 and its 200 day simple moving average is $36.48.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.45). The business had revenue of $924.87 million for the quarter, compared to analysts’ expectations of $977.82 million. Methanex had a return on equity of 9.07% and a net margin of 5.97%.Methanex’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.21 earnings per share. As a group, sell-side analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Wednesday, December 17th. Methanex’s dividend payout ratio is presently 25.08%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Dixon Mitchell Investment Counsel Inc. lifted its stake in Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after buying an additional 814,877 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Methanex by 35.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company’s stock worth $57,209,000 after acquiring an additional 451,728 shares during the period. Mackenzie Financial Corp lifted its position in Methanex by 28.1% in the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock valued at $51,960,000 after purchasing an additional 343,876 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Methanex by 249.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock valued at $56,939,000 after purchasing an additional 1,022,987 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Methanex by 116.8% during the 3rd quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock valued at $46,011,000 after purchasing an additional 623,502 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).