Methanex (NASDAQ:MEOH) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note published on Friday morning, Benzinga reports. The brokerage currently has a $55.00 price objective on the specialty chemicals company’s stock.

A number of other analysts have also recently issued reports on MEOH. Jefferies Financial Group upped their target price on Methanex from $56.00 to $60.00 and gave the company a buy rating in a research report on Monday, June 10th. Piper Sandler restated a neutral rating and set a $50.00 price target on shares of Methanex in a research note on Thursday, March 7th. Scotiabank raised their price target on Methanex from $54.00 to $58.00 and gave the stock a sector outperform rating in a research note on Monday, April 29th. Finally, UBS Group raised their price target on Methanex from $59.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 25th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $56.38.

Methanex Trading Down 1.3 %

NASDAQ:MEOH opened at $47.61 on Friday. The stock has a 50-day simple moving average of $50.33 and a 200-day simple moving average of $47.33. The stock has a market cap of $3.21 billion, a P/E ratio of 20.17 and a beta of 1.39. Methanex has a 1 year low of $38.31 and a 1 year high of $56.43. 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 (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.35. The business had revenue of $916.00 million during the quarter, compared to analysts’ expectations of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. As a group, analysts anticipate that Methanex will post 2.22 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.185 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.74 annualized dividend and a dividend yield of 1.55%. Methanex’s dividend payout ratio (DPR) is currently 31.36%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC grew its stake in shares of Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after purchasing an additional 700 shares during the last quarter. Larson Financial Group LLC purchased a new stake in shares of Methanex in the first quarter valued at approximately $45,000. U S Global Investors Inc. purchased a new stake in shares of Methanex in the first quarter valued at approximately $178,000. Citigroup Inc. boosted its stake in shares of Methanex by 40.2% in the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after buying an additional 1,158 shares in the last quarter. Finally, Ausbil Investment Management Ltd purchased a new stake in shares of Methanex in the fourth quarter valued at approximately $195,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

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.