Methanex (NASDAQ:MEOH) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $38.53 and traded as high as $48.17. Methanex shares last traded at $47.23, with a volume of 527,949 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on MEOH. Canadian Imperial Bank of Commerce lowered shares of Methanex from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $46.00 to $52.00 in a research report on Friday. Zacks Research upgraded Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Raymond James Financial downgraded Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada boosted their price objective on shares of Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.91.

Methanex Stock Up 0.4%

The business’s fifty day moving average is $43.08 and its two-hundred day moving average is $38.53. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 16.01 and a beta of 0.68. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 25.08%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after acquiring an additional 1,022,987 shares in the last quarter. Norges Bank acquired a new stake in shares of Methanex in the 2nd quarter valued at $30,306,000. Boston Partners lifted its position in shares of Methanex by 686.0% during the 3rd quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock worth $38,277,000 after purchasing an additional 840,831 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. grew its stake in shares of Methanex by 66.4% during the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock worth $67,577,000 after purchasing an additional 814,877 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Methanex by 116.8% during the third quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock worth $46,011,000 after purchasing an additional 623,502 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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).