Royal Bank Of Canada Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target boosted by equities research analysts at Royal Bank Of Canada from $65.00 to $75.00 in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada‘s price target would indicate a potential upside of 8.26% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Weiss Ratings upgraded Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. UBS Group upped their price target on shares of Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Wall Street Zen upgraded shares of Methanex from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Zacks Research upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. Finally, National Bank Financial upped their price target on Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Methanex has a consensus rating of “Moderate Buy” and a consensus price target of $73.11.

Methanex Stock Down 3.2%

Shares of NASDAQ:MEOH traded down $2.30 on Monday, hitting $69.28. 687,204 shares of the company’s stock were exchanged, compared to its average volume of 998,412. The firm’s 50-day moving average is $61.17 and its 200 day moving average is $56.29. The company has a market capitalization of $5.36 billion, a PE ratio of 15.22 and a beta of 0.72. Methanex has a 1-year low of $34.01 and a 1-year high of $72.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.69.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.85. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. Methanex had a return on equity of 20.89% and a net margin of 7.62%. The company’s revenue for the quarter was up 49.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 EPS. Sell-side analysts predict that Methanex will post 9.20 EPS for the current year.

Institutional Investors Weigh In On Methanex

A number of institutional investors and hedge funds have recently modified their holdings of MEOH. Parkside Financial Bank & Trust acquired a new position in shares of Methanex during the 2nd quarter worth approximately $38,000. Nykredit A S bought a new position in Methanex during the second quarter worth $83,000. State of Wyoming bought a new position in Methanex during the second quarter worth $153,000. Fifth Third Bancorp grew its holdings in Methanex by 1,087.3% in the first quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock worth $228,000 after purchasing an additional 3,501 shares during the period. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Methanex during the first quarter valued at about $220,000. 73.49% of the stock is owned by institutional investors.

Methanex Company Profile

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.