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

Royal Bank of Canada reaffirmed their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a report issued on Friday morning, Benzinga reports. The firm currently has a $55.00 price target on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other reports. Piper Sandler reiterated a neutral rating and set a $50.00 price objective on shares of Methanex in a report on Thursday, March 7th. Scotiabank increased their price objective on Methanex from $54.00 to $58.00 and gave the stock a sector outperform rating in a report on Monday, April 29th. Jefferies Financial Group increased their price objective on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a report on Monday, June 10th. Finally, UBS Group raised their price target on Methanex from $59.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 25th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Methanex has a consensus rating of Moderate Buy and an average price target of $56.38.

Methanex Stock Up 0.1 %

Shares of Methanex stock opened at $48.26 on Friday. Methanex has a 1 year low of $38.31 and a 1 year high of $56.43. The business has a 50-day moving average of $50.33 and a two-hundred day moving average of $47.26. The company has a market capitalization of $3.25 billion, a P/E ratio of 20.45 and a beta of 1.42. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 0.85.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.35. The business had revenue of $916.00 million during the quarter, compared to the consensus estimate of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. As a group, equities analysts predict that Methanex will post 2.22 EPS for the current year.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.185 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.53%. Methanex’s payout ratio is 31.36%.

Institutional Trading of Methanex

A number of hedge funds have recently made changes to their positions in the business. M&G Plc acquired a new stake in shares of Methanex in the first quarter valued at approximately $589,459,000. FIL Ltd lifted its position in shares of Methanex by 4.9% in the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after buying an additional 346,475 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Methanex by 15.2% in the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after buying an additional 599,778 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Methanex by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock valued at $111,000,000 after buying an additional 43,178 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. lifted its holdings in Methanex by 5.3% during the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,066,683 shares of the specialty chemicals company’s stock worth $47,589,000 after purchasing an additional 53,219 shares during the last quarter. 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.