PCJ Investment Counsel Ltd. Acquires New Position in Methanex Co. (NASDAQ:MEOH)

PCJ Investment Counsel Ltd. acquired a new stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,390 shares of the specialty chemicals company’s stock, valued at approximately $471,000.

Other large investors have also bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Methanex by 52,500.0% in the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after buying an additional 1,575 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after purchasing an additional 1,626 shares during the period. Squarepoint Ops LLC acquired a new stake in Methanex in the second quarter worth $201,000. Value Partners Investments Inc. raised its holdings in Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in Methanex in the first quarter worth $239,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Stock Performance

Shares of MEOH stock opened at $44.47 on Wednesday. The stock has a market cap of $3.00 billion, a P/E ratio of 20.78 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The company has a fifty day moving average price of $40.87 and a two-hundred day moving average price of $45.73. Methanex Co. has a one year low of $36.13 and a one year high of $56.43.

Analyst Ratings Changes

Several equities research analysts have weighed in on MEOH shares. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. Piper Sandler increased their price objective on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday. Barclays raised their target price on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Finally, Raymond James decreased their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.88.

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.