Methanex Co. (NASDAQ:MEOH) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $58.00.

A number of brokerages recently commented on MEOH. Piper Sandler raised their target price on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Monday, January 6th. Barclays increased their target price on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, CIBC reissued an “outperformer” rating and issued a $59.00 price objective (up from $48.00) on shares of Methanex in a research note on Tuesday, December 10th.

Institutional Trading of Methanex

Several hedge funds have recently bought and sold shares of the stock. Dixon Mitchell Investment Counsel Inc. raised its holdings in shares of Methanex by 9.9% during the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after acquiring an additional 106,848 shares in the last quarter. Bank of Montreal Can lifted its position in Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after purchasing an additional 159,542 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Methanex by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock worth $45,570,000 after buying an additional 30,887 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Methanex by 3.4% in the 2nd quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock worth $35,082,000 after buying an additional 23,747 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Methanex by 13.0% during the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after buying an additional 58,719 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Stock Down 1.1 %

Shares of MEOH stock opened at $49.32 on Tuesday. The company has a 50 day simple moving average of $47.09 and a two-hundred day simple moving average of $44.85. The stock has a market cap of $3.32 billion, a P/E ratio of 23.05 and a beta of 1.37. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were paid a dividend of $0.185 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.50%. Methanex’s payout ratio is 34.58%.

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.