Brokerages Set Methanex Co. (NASDAQ:MEOH) Target Price at $56.88

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $55.38.

Several research firms have weighed in on MEOH. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. Scotiabank lifted their price objective on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Raymond James dropped their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group increased their price objective on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, June 10th.

Methanex Stock Performance

Shares of MEOH stock opened at $39.32 on Wednesday. Methanex has a one year low of $36.13 and a one year high of $56.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. The firm’s 50 day moving average price is $45.15 and its 200-day moving average price is $47.21. The firm has a market cap of $2.65 billion, a P/E ratio of 16.66 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts predict that Methanex will post 2.46 EPS for the current year.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date is Monday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 1.88%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Clearbridge Investments LLC increased its stake in Methanex by 18.4% in the second quarter. Clearbridge Investments LLC now owns 52,350 shares of the specialty chemicals company’s stock valued at $2,526,000 after purchasing an additional 8,150 shares during the last quarter. Truist Financial Corp grew its position in shares of Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after buying an additional 294 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in Methanex during the 2nd quarter worth $858,000. Mackenzie Financial Corp lifted its position in Methanex by 3.4% in the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock valued at $35,082,000 after acquiring an additional 23,747 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Methanex by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock valued at $2,699,000 after acquiring an additional 887 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

About Methanex

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.