Analysts Set Methanex Co. (NASDAQ:MEOH) Target Price at $55.38

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $55.38.

MEOH has been the subject of a number of research reports. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Piper Sandler boosted their price objective on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Scotiabank raised their target price on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. UBS Group dropped their price target on Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Finally, Raymond James dropped their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th.

Methanex Price Performance

MEOH stock opened at $42.78 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The firm has a 50-day moving average of $42.85 and a 200 day moving average of $47.08. The company has a market cap of $2.88 billion, a P/E ratio of 18.13 and a beta of 1.35.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm had revenue of $920.00 million for the quarter, compared to the consensus estimate of $954.26 million. During the same quarter in the prior year, the business earned $0.60 EPS. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, sell-side analysts forecast that Methanex will post 2.41 EPS for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.185 per share. The ex-dividend date was Monday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.73%. Methanex’s dividend payout ratio is 31.36%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. M&G Plc purchased a new position in Methanex in the 1st quarter worth about $589,459,000. Wellington Management Group LLP raised its holdings in shares of Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after purchasing an additional 599,778 shares during the last quarter. Vanguard Group Inc. lifted its position in Methanex by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after purchasing an additional 425,104 shares during the period. FIL Ltd boosted its holdings in Methanex by 4.9% in the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after purchasing an additional 346,475 shares during the last quarter. Finally, Bank of Montreal Can grew its position in Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after purchasing an additional 159,542 shares during the period. 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.