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

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

MEOH has been the subject of several other reports. Jefferies Financial Group upped their price objective on Methanex from $45.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Scotiabank cut 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 Bank Financial initiated coverage on shares of Methanex in a research report on Friday, September 26th. They issued an “outperform” rating and a $47.00 price objective on the stock. National Bankshares set a $47.00 target price on shares of Methanex and gave the stock an “outperform” rating in a research note on Thursday, September 25th. Finally, JPMorgan Chase & Co. raised shares of Methanex from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $33.00 to $38.00 in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Methanex has an average rating of “Moderate Buy” and an average price target of $46.55.

Methanex Stock Performance

Shares of MEOH stock traded up $2.58 during trading hours on Monday, hitting $43.32. The stock had a trading volume of 621,835 shares, compared to its average volume of 600,240. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.09 and a quick ratio of 1.33. The firm has a market capitalization of $3.35 billion, a PE ratio of 14.72 and a beta of 0.73. The stock’s 50 day moving average is $37.50 and its 200 day moving average is $36.34. Methanex has a twelve month low of $25.46 and a twelve month high of $54.49.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.45). The business had revenue of $924.87 million during 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 firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the company earned $1.21 EPS. As a group, research analysts forecast that Methanex will post 4.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Methanex

A number of institutional investors have recently made changes to their positions in MEOH. Amundi grew its holdings in Methanex by 3.9% during the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Methanex during the first quarter valued at about $702,000. Acadian Asset Management LLC increased its position in shares of Methanex by 225,333.3% during the first quarter. Acadian Asset Management LLC now owns 33,815 shares of the specialty chemicals company’s stock worth $1,183,000 after acquiring an additional 33,800 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Methanex in the second quarter valued at about $33,000. Finally, Value Partners Investments Inc. grew its stake in Methanex by 150.1% during the 2nd quarter. Value Partners Investments Inc. now owns 19,272 shares of the specialty chemicals company’s stock valued at $637,000 after purchasing an additional 11,567 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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).