Methanex (NASDAQ:MEOH) Given “Sector Perform” Rating at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research note issued on Monday,Benzinga reports. They presently have a $55.00 price target on the specialty chemicals company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 8.16% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. UBS Group cut their price target on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Barclays increased their price objective on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Raymond James lowered their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Finally, CIBC reaffirmed an “outperformer” rating and set a $59.00 price target (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.25.

Methanex Price Performance

MEOH stock traded up $1.44 during trading on Monday, reaching $50.85. 20,712 shares of the company were exchanged, compared to its average volume of 221,446. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 23.76 and a beta of 1.37. The company has a 50-day moving average of $45.22 and a two-hundred day moving average of $44.76.

Institutional Investors Weigh In On Methanex

A number of hedge funds have recently made changes to their positions in MEOH. Truist Financial Corp lifted its holdings in shares of Methanex by 5.0% during the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after purchasing an additional 294 shares during the last quarter. Bank of Hawaii lifted its stake in shares of Methanex by 4.2% during the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock worth $474,000 after buying an additional 465 shares during the period. Value Partners Investments Inc. increased its position in shares of Methanex by 10.4% in the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after acquiring an additional 532 shares during the period. Pinnacle Associates Ltd. grew its stake in Methanex by 3.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock valued at $897,000 after purchasing an additional 707 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Methanex by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock worth $2,699,000 after purchasing an additional 887 shares during the last quarter. 73.49% of the stock is currently 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.