RBC Capital Remains a Buy on Methanex (MEOH)

In a report released yesterday, Nelson Ng from RBC Capital reiterated a Buy rating on Methanex, with a price target of $50.00. The company’s shares closed yesterday at $33.88.

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According to TipRanks, Ng is a 4-star analyst with an average return of 8.9% and a 59.52% success rate. Ng covers the Utilities sector, focusing on stocks such as Brookfield Renewable Partners, Algonquin Power & Utilities, and Northland Power.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Methanex with a $47.67 average price target, a 40.70% upside from current levels. In a report released today, J.P. Morgan also upgraded the stock to a Buy with a $38.00 price target.

Based on Methanex’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $796.51 million and a net profit of $64.41 million. In comparison, last year the company earned a revenue of $920.36 million and had a net profit of $35.22 million