Brokerages Set Methanex Co. (NASDAQ:MEOH) PT at $56.88

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $55.88.

A number of equities research analysts recently issued reports on MEOH shares. Barclays cut shares of Methanex from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $56.00 to $44.00 in a research report on Tuesday. Piper Sandler raised their price objective on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Jefferies Financial Group increased their price target on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, UBS Group cut their price objective on Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. M&G Plc bought a new stake in shares of Methanex during the first quarter worth $589,459,000. Norges Bank acquired a new stake in Methanex in the fourth quarter worth about $34,109,000. Wellington Management Group LLP raised its holdings in Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $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 4th 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. Finally, FIL Ltd boosted its stake in shares of Methanex by 4.9% in the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after purchasing an additional 346,475 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.

Methanex Trading Up 0.9 %

MEOH stock opened at $37.74 on Wednesday. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average is $45.50 and its 200-day moving average is $47.26. The firm has a market cap of $2.54 billion, a P/E ratio of 15.99 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The firm had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. Equities analysts anticipate that Methanex will post 2.46 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, September 16th. Methanex’s dividend payout ratio (DPR) is presently 31.36%.

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.