Methanex (NASDAQ:MEOH) Price Target Raised to $63.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price increased by CIBC from $59.00 to $63.00 in a research note released on Monday,Benzinga reports. They currently have an outperformer rating on the specialty chemicals company’s stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Raymond James increased their target price on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Barclays lifted their price target on Methanex from $46.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, January 27th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, UBS Group lowered their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.25.

Methanex Stock Down 2.6 %

Shares of MEOH opened at $52.22 on Monday. The firm has a market cap of $3.52 billion, a P/E ratio of 22.61 and a beta of 1.36. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The stock’s 50 day moving average is $48.70 and its two-hundred day moving average is $44.89. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Analysts predict that Methanex will post 4.02 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Institutional Trading of Methanex

Hedge funds have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in Methanex in the third quarter valued at approximately $40,000. Parkside Financial Bank & Trust raised its position in Methanex by 39.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after purchasing an additional 573 shares during the period. Blue Trust Inc. lifted its stake in shares of Methanex by 56.8% in the 3rd quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 896 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Methanex during the 2nd quarter worth $201,000. Finally, Legacy Wealth Asset Management LLC acquired a new stake in shares of Methanex during the 4th quarter worth about $220,000. Hedge funds and other institutional investors 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.