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

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reaffirmed by stock analysts at Royal Bank of Canada in a research note issued on Monday,Benzinga reports. They presently have a $55.00 price objective on the specialty chemicals company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 9.00% from the company’s previous close.

A number of other research firms have also weighed in on MEOH. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. UBS Group dropped their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Piper Sandler raised their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Raymond James cut their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Finally, Barclays raised their price target on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.25.

Methanex Stock Performance

Methanex stock opened at $50.46 on Monday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex has a one year low of $36.13 and a one year high of $56.43. The stock’s 50 day moving average price is $45.43 and its 200 day moving average price is $44.77. The firm has a market capitalization of $3.40 billion, a PE ratio of 23.58 and a beta of 1.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MEOH. Wilmington Savings Fund Society FSB bought a new position in Methanex in the third quarter worth about $40,000. Barclays PLC grew its position in shares of Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after acquiring an additional 8,047 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Methanex by 7.8% in the 3rd quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock worth $1,481,000 after acquiring an additional 2,590 shares during the period. Geode Capital Management LLC lifted its position in Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after purchasing an additional 1,203 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Methanex in the 3rd quarter valued at about $1,092,000. 73.49% of the stock is owned by institutional investors and hedge funds.

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.