Methanex (NASDAQ:MEOH) Price Target Raised to $62.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price upped by UBS Group from $59.00 to $62.00 in a research note released on Thursday morning, Benzinga reports. UBS Group currently has a buy rating on the specialty chemicals company’s stock.

A number of other research analysts have also recently commented on the company. Raymond James decreased their price objective on Methanex from $67.00 to $62.00 and set an outperform rating on the stock in a report on Wednesday, February 21st. TheStreet upgraded Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Barclays boosted their price objective on shares of Methanex from $53.00 to $56.00 and gave the company an overweight rating in a report on Monday, February 12th. Royal Bank of Canada reaffirmed a sector perform rating and set a $45.00 target price on shares of Methanex in a research note on Wednesday, April 3rd. Finally, Piper Sandler reissued a neutral rating and issued a $50.00 price target on shares of Methanex in a research note on Thursday, March 7th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Methanex has an average rating of Moderate Buy and a consensus price target of $54.38.

Methanex Stock Up 1.0 %

Shares of NASDAQ MEOH opened at $48.27 on Thursday. The company has a current ratio of 1.17, a quick ratio of 0.81 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average of $45.55 and a 200 day moving average of $44.74. Methanex has a 12-month low of $38.18 and a 12-month high of $51.42. The stock has a market cap of $3.25 billion, a PE ratio of 20.45 and a beta of 1.50.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share 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 firm had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $901.21 million. As a group, sell-side analysts predict that Methanex will post 2.35 EPS for the current fiscal year.

Methanex Announces Dividend

The business 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. The ex-dividend date is Friday, June 14th. This represents a $0.74 annualized dividend and a yield of 1.53%. Methanex’s dividend payout ratio (DPR) is 31.36%.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Methanex by 42.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,612 shares of the specialty chemicals company’s stock worth $616,000 after acquiring an additional 4,031 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Methanex by 20.0% during the third quarter. Mackenzie Financial Corp now owns 739,849 shares of the specialty chemicals company’s stock worth $31,950,000 after purchasing an additional 123,296 shares in the last quarter. Advisor Partners II LLC purchased a new position in Methanex in the third quarter valued at $209,000. Westbourne Investment Advisors Inc. raised its stake in Methanex by 0.5% in the third quarter. Westbourne Investment Advisors Inc. now owns 103,751 shares of the specialty chemicals company’s stock valued at $4,674,000 after buying an additional 553 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in Methanex during the 3rd quarter worth about $364,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.