Methanex (NASDAQ:MEOH) Stock Rating Upgraded by Royal Bank Of Canada

Key Points

• Methanex's stock rating has been upgraded from "sector perform" to "outperform" by Royal Bank Of Canada, with a new price target of $50.00, suggesting a potential upside of 49.52% from its current price.
• The company recently reported earnings of $0.97 EPS, significantly above the consensus estimate of $0.42, despite a 13.4% decline in revenue compared to the same quarter last year.
• Institutional investors hold 73.49% of Methanex's stock, reflecting strong confidence, with notable increases in holdings from firms like TD Asset Management and Exencial Wealth Advisors.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX was upgraded by analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The firm currently has a $50.00 price objective on the specialty chemicals company's stock. Royal Bank Of Canada's target price points to a potential upside of 49.52% from the stock's current price.

Several other research analysts also recently commented on MEOH. JPMorgan Chase & Co. initiated coverage on Methanex in a research note on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price for the company. UBS Group dropped their price target on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a report on Thursday. Piper Sandler set a $48.00 price target on Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. Raymond James Financial set a $45.00 price target on Methanex and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Scotiabank raised Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price target for the company in a report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Methanex has a consensus rating of "Moderate Buy" and a consensus price target of $45.25.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $33.44 on Friday. The company has a current ratio of 3.17, a quick ratio of 2.52 and a debt-to-equity ratio of 0.94. Methanex has a 12 month low of $25.46 and a 12 month high of $54.49. The stock has a 50 day moving average of $34.05 and a 200-day moving average of $37.09. The company has a market capitalization of $2.59 billion, a P/E ratio of 9.86 and a beta of 0.92.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.42 by $0.55. Methanex had a return on equity of 13.28% and a net margin of 7.02%. The company had revenue of $808.46 million during the quarter, compared to the consensus estimate of $835.04 million. During the same period in the previous year, the company posted $0.62 EPS. The firm's revenue for the quarter was down 13.4% compared to the same quarter last year. As a group, equities research analysts predict that Methanex will post 4.32 EPS for the current year.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MQS Management LLC acquired a new position in Methanex in the 2nd quarter valued at $387,000. Exencial Wealth Advisors LLC raised its holdings in Methanex by 6.1% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 24,981 shares of the specialty chemicals company's stock valued at $827,000 after acquiring an additional 1,447 shares in the last quarter. TD Asset Management Inc raised its holdings in Methanex by 79.1% in the 2nd quarter. TD Asset Management Inc now owns 368,497 shares of the specialty chemicals company's stock valued at $12,177,000 after acquiring an additional 162,755 shares in the last quarter. CWM LLC acquired a new position in Methanex in the 2nd quarter valued at $33,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Methanex in the 2nd quarter valued at $200,000. 73.49% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.