Methanex (NASDAQ:MEOH) PT Set at $50.00 by Royal Bank Of Canada

Methanex (NASDAQ:MEOH) (TSE:MX) has been given a $50.00 price target by equities researchers at Royal Bank Of Canada in a note issued to investors on Monday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 15.43% from the company’s current price.

Other analysts have also issued reports about the stock. Zacks Research upgraded shares of Methanex from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. National Bankshares set a $47.00 price objective on Methanex and gave the company an “outperform” rating in a research note on Thursday, September 25th. JPMorgan Chase & Co. raised shares of Methanex from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $33.00 to $38.00 in a research report on Friday, October 31st. CIBC restated an “outperform” rating on shares of Methanex in a research note on Monday, November 17th. Finally, National Bank Financial started coverage on shares of Methanex in a research note on Friday, September 26th. They issued an “outperform” rating and a $47.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Methanex Stock Performance

MEOH traded up $2.58 during trading on Monday, hitting $43.32. 621,835 shares of the company traded hands, compared to its average volume of 600,240. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97. The firm has a market cap of $3.35 billion, a P/E ratio of 14.72 and a beta of 0.73. The stock’s fifty day moving average is $37.50 and its 200 day moving average is $36.34. Methanex has a one year low of $25.46 and a one year high of $54.49.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 5.97% and a return on equity of 9.07%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 earnings per share. As a group, equities analysts predict that Methanex will post 4.32 EPS for the current fiscal year.

Institutional Trading of Methanex

A number of large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its holdings in Methanex by 225,333.3% during the 1st quarter. Acadian Asset Management LLC now owns 33,815 shares of the specialty chemicals company’s stock worth $1,183,000 after buying an additional 33,800 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. boosted its holdings in shares of Methanex by 75.4% in the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 794,279 shares of the specialty chemicals company’s stock valued at $26,352,000 after buying an additional 341,336 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Methanex by 37.6% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 27,510 shares of the specialty chemicals company’s stock valued at $911,000 after buying an additional 7,510 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Methanex by 66.4% in the 2nd 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. Finally, PCJ Investment Counsel Ltd. acquired a new stake in Methanex during the 2nd quarter worth $3,982,000. Institutional investors own 73.49% of the company’s stock.

About Methanex

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).