Brokerages Set Methanex Co. (NASDAQ:MEOH) Price Target at $57.25

Methanex Co. (NASDAQ:MEOH) (TSE:MX) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $57.25.

Several equities research analysts have weighed in on the company. Piper Sandler increased their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Tuesday, September 3rd. UBS Group lowered their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, CIBC reissued an “outperformer” rating and set a $59.00 price target (up from $48.00) on shares of Methanex in a report on Tuesday, December 10th.

Methanex Stock Up 1.0 %

NASDAQ:MEOH opened at $46.38 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The company’s fifty day moving average price is $43.57 and its 200-day moving average price is $44.81. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The firm has a market capitalization of $3.13 billion, a P/E ratio of 21.67 and a beta of 1.40.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.185 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.60%. Methanex’s dividend payout ratio (DPR) is 34.58%.

Institutional Investors Weigh In On Methanex

Large investors have recently bought and sold shares of the company. Toronto Dominion Bank boosted its stake in shares of Methanex by 19.6% in the second quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock worth $1,604,000 after acquiring an additional 5,451 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Methanex by 1,495.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after purchasing an additional 130,127 shares during the last quarter. Millennium Management LLC boosted its stake in Methanex by 13.0% during the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after purchasing an additional 58,719 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Methanex in the second quarter valued at about $201,000. Finally, Truist Financial Corp lifted its stake in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after buying an additional 294 shares in the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

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.