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

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

MEOH has been the subject of several other reports. CIBC reiterated an “outperformer” rating and set a $59.00 price objective (up from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. UBS Group dropped their price target on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their target price on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.75.

Methanex Trading Up 0.9 %

Shares of NASDAQ:MEOH opened at $52.20 on Friday. The business’s 50-day moving average is $48.45 and its 200 day moving average is $44.91. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The firm has a market capitalization of $3.52 billion, a P/E ratio of 22.60 and a beta of 1.37.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 11.10%. On average, research analysts predict that Methanex will post 4.02 earnings per share for the current fiscal year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s dividend payout ratio is currently 32.03%.

Institutional Trading of Methanex

Hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its holdings in Methanex by 1,495.7% in the third quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after purchasing an additional 130,127 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its position in shares of Methanex by 9.9% during the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after buying an additional 106,848 shares during the last quarter. Millennium Management LLC grew its position in shares of Methanex by 13.0% in the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after buying an additional 58,719 shares during the last quarter. Chartwell Investment Partners LLC raised its stake in Methanex by 27.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock worth $8,387,000 after acquiring an additional 44,173 shares in the last quarter. Finally, Triasima Portfolio Management inc. acquired a new stake in Methanex during the 4th quarter worth $1,540,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.