Methanex Co. (NASDAQ:MEOH) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have earned an average rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $55.88.

Several research analysts have weighed in on MEOH shares. Piper Sandler upped their target price on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Raymond James dropped their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. UBS Group reduced their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Barclays increased their price target on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th.

Institutional Trading of Methanex

Hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank lifted its holdings in shares of Methanex by 19.6% during the second quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock worth $1,604,000 after buying an additional 5,451 shares during the last quarter. Millennium Management LLC increased its position in Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after acquiring an additional 58,719 shares during the period. Squarepoint Ops LLC acquired a new position in Methanex during the 2nd quarter valued at $201,000. Truist Financial Corp grew its position in Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after purchasing an additional 294 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Methanex by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock worth $45,570,000 after purchasing an additional 30,887 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Trading Up 1.3 %

Methanex stock opened at $46.02 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The company’s fifty day simple moving average is $41.51 and its 200-day simple moving average is $45.64. The stock has a market cap of $3.10 billion, a P/E ratio of 21.50 and a beta of 1.36.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.185 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.61%. Methanex’s payout ratio is presently 34.58%.

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.