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

Methanex (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reiterated by Royal Bank of Canada in a report issued on Monday,Benzinga reports. They currently have a $55.00 target price on the specialty chemicals company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 8.16% from the stock’s current price.

Several other equities research analysts have also recently issued reports on MEOH. Raymond James dropped their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. UBS Group dropped their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. CIBC reiterated an “outperformer” rating and issued a $59.00 price target (up previously from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and an average price target of $57.25.

Methanex Trading Up 2.9 %

Shares of NASDAQ MEOH traded up $1.44 during midday trading on Monday, reaching $50.85. The company had a trading volume of 20,712 shares, compared to its average volume of 221,446. The stock has a market cap of $3.43 billion, a PE ratio of 23.76 and a beta of 1.37. Methanex has a one year low of $36.13 and a one year high of $56.43. 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 firm’s fifty day moving average price is $45.22 and its 200-day moving average price is $44.76.

Institutional Trading of Methanex

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

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.