Scotiabank Raises Methanex (NASDAQ:MEOH) Price Target to $60.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective raised by Scotiabank from $58.00 to $60.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the specialty chemicals company’s stock. Scotiabank also issued estimates for Methanex’s Q2 2024 earnings at $0.58 EPS.

Several other equities research analysts also recently issued reports on the company. UBS Group lifted their price objective on Methanex from $62.00 to $64.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Royal Bank of Canada restated a sector perform rating and set a $55.00 price objective on shares of Methanex in a report on Friday, June 28th. Finally, Jefferies Financial Group lifted 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. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $56.88.

Methanex Stock Performance

Shares of NASDAQ:MEOH opened at $51.08 on Wednesday. The company has a market cap of $3.44 billion, a P/E ratio of 21.64 and a beta of 1.39. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. Methanex has a one year low of $38.31 and a one year high of $56.43. The business’s 50-day simple moving average is $50.43 and its 200 day simple moving average is $47.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.30 by $0.35. The business had revenue of $916.00 million for 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%. On average, sell-side analysts forecast that Methanex will post 2.22 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.185 per share. The ex-dividend date was Friday, June 14th. This represents a $0.74 dividend on an annualized basis and a yield of 1.45%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&G Plc acquired a new position in Methanex during the 1st quarter valued at approximately $589,459,000. FIL Ltd boosted its position in Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after acquiring an additional 346,475 shares during the period. Wellington Management Group LLP boosted its position in Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after acquiring an additional 599,778 shares during the period. Vanguard Group Inc. boosted its position in Methanex by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after acquiring an additional 43,178 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. boosted its position in Methanex by 0.8% during the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,075,320 shares of the specialty chemicals company’s stock worth $52,085,000 after acquiring an additional 8,637 shares during the period. 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.