Analysts Set Methanex Corporation (NASDAQ:MEOH) Price Target at $68.56

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $68.5556.

Several equities research analysts recently issued reports on MEOH shares. UBS Group lifted their price target on shares of Methanex from $70.00 to $71.00 and gave the company a “buy” rating in a report on Friday, July 31st. Weiss Ratings raised shares of Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Scotiabank raised their target price on shares of Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Royal Bank Of Canada cut their target price on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. cut shares of Methanex from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $56.00 to $65.00 in a research note on Friday, May 1st.

Methanex Stock Performance

NASDAQ:MEOH opened at $56.12 on Wednesday. The stock’s 50-day simple moving average is $52.85 and its 200 day simple moving average is $55.01. The firm has a market capitalization of $4.34 billion, a PE ratio of 54.49 and a beta of 0.58. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83. Methanex has a twelve month low of $32.00 and a twelve month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. The business’s revenue was up 75.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. On average, analysts anticipate that Methanex will post 8.62 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. Methanex’s dividend payout ratio (DPR) is 71.84%.

Institutional Investors Weigh In On Methanex

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in shares of Methanex by 0.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after acquiring an additional 225 shares during the last quarter. AMG National Trust Bank increased its holdings in Methanex by 4.8% during the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock worth $484,000 after purchasing an additional 374 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Methanex by 33.3% during the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after purchasing an additional 500 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Methanex by 61.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after purchasing an additional 812 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Methanex by 8.2% in the fourth quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock valued at $425,000 after purchasing an additional 813 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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).