Methanex’s (MEOH) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reissued by research analysts at Royal Bank of Canada in a report 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 indicates a potential upside of 9.00% from the stock’s previous close.

Several other research analysts have also recently issued reports on MEOH. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. CIBC reaffirmed an “outperformer” rating and set a $59.00 price target (up from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. Barclays upped their price objective on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Piper Sandler lifted their target price on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.25.

Methanex Stock Performance

MEOH stock opened at $50.46 on Monday. The company has a market capitalization of $3.40 billion, a P/E ratio of 23.58 and a beta of 1.37. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. The company has a 50-day simple moving average of $45.43 and a 200 day simple moving average of $44.77. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43.

Institutional Investors Weigh In On Methanex

Large investors have recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. grew its position in Methanex by 9.9% during the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after purchasing an additional 106,848 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after buying an additional 159,542 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Methanex by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after buying an additional 30,887 shares during the period. Mackenzie Financial Corp lifted its stake in Methanex by 3.4% in the 2nd quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock worth $35,082,000 after acquiring an additional 23,747 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Methanex by 13.0% during the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after acquiring an additional 58,719 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.