Methanex (NASDAQ:MEOH) Price Target Raised to $50.00 at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective upped by investment analysts at Royal Bank of Canada from $45.00 to $50.00 in a report issued on Friday, BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 2.52% from the company’s previous close.

Several other analysts have also recently weighed in on MEOH. Barclays upped their price objective on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. UBS Group raised their price target on Methanex from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday. Raymond James reduced their price objective on Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 21st. CIBC lifted their price target on Methanex from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, TheStreet raised shares of Methanex from a “c” rating to a “b-” rating in a report on Thursday, January 11th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.38.

Methanex Price Performance

Shares of MEOH traded up $1.00 during mid-day trading on Friday, reaching $48.77. The company had a trading volume of 277,672 shares, compared to its average volume of 302,481. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.14 and a quick ratio of 0.81. The company has a market capitalization of $3.29 billion, a P/E ratio of 20.54 and a beta of 1.50. Methanex has a twelve month low of $38.18 and a twelve month high of $51.42. The company’s 50-day moving average is $45.53 and its 200-day moving average is $44.71.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a return on equity of 5.36% and a net margin of 4.63%. The firm had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. On average, equities analysts anticipate that Methanex will post 2.35 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MEOH. Norges Bank bought a new stake in Methanex in the fourth quarter valued at about $34,109,000. Wellington Management Group LLP increased its stake in shares of Methanex by 15.2% in the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after acquiring an additional 599,778 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Methanex by 21.1% in the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after acquiring an additional 425,104 shares during the period. FIL Ltd boosted its stake in Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after acquiring an additional 346,475 shares during the last quarter. Finally, Appian Way Asset Management LP acquired a new position in Methanex during the fourth quarter valued at approximately $6,801,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.