Methanex (NASDAQ:MEOH) Price Target Raised to $50.00

by · The Markets Daily

Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) had its price objective lifted by Raymond James Financial from $45.00 to $50.00 in a research note released on Tuesday morning,BayStreet.CA reports. The brokerage currently has a market perform rating on the specialty chemicals company’s stock.

A number of other equities research analysts have also weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Royal Bank Of Canada increased their price objective on shares of Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Scotiabank reiterated an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Zacks Research upgraded shares of Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 27th. Finally, UBS Group raised their price target on shares of Methanex from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.90.

Check Out Our Latest Stock Report on MEOH

Methanex Stock Performance

Shares of MEOH opened at $58.06 on Tuesday. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. The firm has a market cap of $4.49 billion, a PE ratio of 51.38 and a beta of 0.65. Methanex has a 12 month low of $25.46 and a 12 month high of $59.09. The stock has a fifty day moving average price of $48.56 and a 200-day moving average price of $41.32.

Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a net margin of 2.21% and a return on equity of 5.35%. The business had revenue of $968.81 million for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company earned $1.24 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.185 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio is presently 65.49%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC acquired a new position in Methanex in the second quarter valued at approximately $50,000. Parkside Financial Bank & Trust grew its stake in shares of Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after purchasing an additional 1,232 shares during the period. Clearstead Advisors LLC grew its stake in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after purchasing an additional 1,375 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Methanex by 131.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after purchasing an additional 1,410 shares in the last quarter. Finally, AXA S.A. purchased a new position in shares of Methanex during the 2nd quarter valued at approximately $166,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Company Profile

(Get Free Report)

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

Read More