Methanex (NASDAQ:MEOH) Price Target Raised to $57.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target increased by Barclays from $54.00 to $57.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an equal weight rating on the specialty chemicals company’s stock.

Several other equities analysts also recently issued reports on the company. Raymond James boosted their price objective on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. UBS Group boosted their target price on Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Piper Sandler boosted 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. Two 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.25.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $46.80 on Monday. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The stock has a 50 day simple moving average of $49.03 and a 200-day simple moving average of $44.96. The company has a market cap of $3.15 billion, a PE ratio of 20.26 and a beta of 1.36. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. On average, equities research analysts forecast that Methanex will post 4.2 EPS for the current year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.185 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.58%. Methanex’s dividend payout ratio is currently 32.03%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA increased its holdings in shares of Methanex by 2.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,463 shares of the specialty chemicals company’s stock valued at $573,000 after buying an additional 293 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Methanex by 5.0% in the second 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 in the last quarter. Blue Trust Inc. increased its holdings in shares of Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 371 shares in the last quarter. PCJ Investment Counsel Ltd. increased its holdings in shares of Methanex by 3.6% in the fourth quarter. PCJ Investment Counsel Ltd. now owns 11,800 shares of the specialty chemicals company’s stock valued at $589,000 after buying an additional 410 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Methanex by 15.0% in the fourth quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company’s stock valued at $172,000 after buying an additional 450 shares in the last quarter. 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.