Methanex (NASDAQ:MEOH) Given New $58.00 Price Target at Scotiabank

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by Scotiabank from $54.00 to $58.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a sector outperform rating on the specialty chemicals company’s stock.

Several other research analysts have also weighed in on the company. Raymond James dropped their target price on Methanex from $67.00 to $62.00 and set an outperform rating on the stock in a research report on Wednesday, February 21st. Piper Sandler reaffirmed a neutral rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Barclays boosted their target price on shares of Methanex from $53.00 to $56.00 and gave the stock an overweight rating in a research report on Monday, February 12th. CIBC increased their price target on shares of Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a research note on Wednesday, January 10th. Finally, Royal Bank of Canada lifted their price objective on shares of Methanex from $45.00 to $50.00 and gave the company a sector perform rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $54.88.

Methanex Stock Performance

Shares of MEOH opened at $50.40 on Monday. The company has a market capitalization of $3.40 billion, a PE ratio of 21.36 and a beta of 1.51. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. The company’s 50 day moving average price is $45.62 and its 200 day moving average price is $44.78. Methanex has a 52 week low of $38.18 and a 52 week high of $51.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.28 by $0.24. Methanex had a net margin of 4.63% and a return on equity of 5.38%. The business had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $901.21 million. Research analysts expect that Methanex will post 2.35 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Friday, June 14th. Methanex’s dividend payout ratio (DPR) is 31.36%.

Hedge Funds Weigh In On Methanex

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Methanex by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,018,835 shares of the specialty chemicals company’s stock valued at $90,949,000 after buying an additional 32,244 shares during the last quarter. Citigroup Inc. grew 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 worth $183,000 after acquiring an additional 1,158 shares during the last quarter. Ausbil Investment Management Ltd bought a new position in Methanex during the fourth quarter worth $195,000. American Century Companies Inc. raised its stake in Methanex by 11.2% during the 3rd quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock valued at $14,312,000 after purchasing an additional 31,950 shares during the last quarter. Finally, Quantbot Technologies LP raised its stake in Methanex by 356.3% during the 3rd quarter. Quantbot Technologies LP now owns 17,583 shares of the specialty chemicals company’s stock valued at $792,000 after purchasing an additional 13,730 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.

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.