Methanex (NASDAQ:MEOH) Price Target Raised to $66.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price raised by UBS Group from $53.00 to $66.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other reports. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Scotiabank upped their price target on Methanex from $60.00 to $66.00 and gave the company a “sector outperform” rating in a research note on Thursday, January 30th. CIBC upped their price target on Methanex from $59.00 to $63.00 and gave the company an “outperformer” rating in a research note on Monday, February 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Friday, January 31st. Finally, Piper Sandler boosted their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.88.

Methanex Stock Performance

Shares of NASDAQ:MEOH opened at $50.66 on Friday. The stock has a market capitalization of $3.41 billion, a P/E ratio of 21.93 and a beta of 1.36. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The business has a 50-day moving average price of $48.98 and a two-hundred day moving average price of $44.97.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. Equities analysts predict that Methanex will post 4.2 earnings per share for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 1.46%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Institutional Trading of Methanex

Several institutional investors and hedge funds have recently bought and sold shares of MEOH. Wilmington Savings Fund Society FSB bought a new position in shares of Methanex during the 3rd quarter worth approximately $40,000. Parkside Financial Bank & Trust boosted its stake in shares of Methanex by 39.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after acquiring an additional 573 shares during the period. Blue Trust Inc. boosted its stake in shares of Methanex by 56.8% during the 3rd quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 896 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Methanex during the 4th quarter worth approximately $166,000. Finally, Squarepoint Ops LLC bought a new position in shares of Methanex during the 2nd quarter worth approximately $201,000. Institutional investors 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.