Methanex (NASDAQ:MEOH) Receives Sector Perform Rating from Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $55.00 price objective on the specialty chemicals company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 58.00% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. CIBC reissued an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. UBS Group raised their target price on Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Scotiabank lowered shares of Methanex from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $66.00 to $53.00 in a report on Monday, March 10th. Barclays cut their target price on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.63.

Methanex Stock Performance

Shares of MEOH traded down $0.28 during midday trading on Tuesday, reaching $34.81. The stock had a trading volume of 106,211 shares, compared to its average volume of 341,710. Methanex has a one year low of $34.34 and a one year high of $56.43. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.35 billion, a PE ratio of 15.07 and a beta of 1.38. The firm has a 50 day simple moving average of $43.96 and a 200-day simple moving average of $44.21.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. As a group, sell-side analysts anticipate that Methanex will post 4.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Methanex during the 3rd quarter worth about $40,000. Parkside Financial Bank & Trust raised its position in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Methanex in the 4th quarter valued at approximately $106,000. State of Wyoming purchased a new position in Methanex in the fourth quarter valued at about $129,000. Finally, Blue Trust Inc. grew its position in Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 371 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

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.