Royal Bank of Canada Raises Methanex (NASDAQ:MEOH) Price Target to $50.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price raised by Royal Bank of Canada from $45.00 to $50.00 in a report issued on Friday morning, BayStreet.CA reports. The firm currently has a sector perform rating on the specialty chemicals company’s stock.

MEOH has been the topic of several other reports. Raymond James reduced their price target on Methanex from $67.00 to $62.00 and set an outperform rating on the stock in a report on Wednesday, February 21st. TheStreet upgraded Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Barclays raised their price objective on Methanex from $53.00 to $56.00 and gave the stock an overweight rating in a report on Monday, February 12th. CIBC raised their price objective on Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Finally, UBS Group raised their price objective on Methanex from $59.00 to $62.00 and gave the stock a buy rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $54.38.

Methanex Trading Up 1.0 %

Shares of NASDAQ MEOH opened at $48.27 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.81 and a current ratio of 1.17. The business’s 50 day moving average price is $45.55 and its 200-day moving average price is $44.73. Methanex has a fifty-two week low of $38.18 and a fifty-two week high of $51.42. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 20.45 and a beta of 1.50.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The firm had revenue of $922.00 million for the quarter, compared to the consensus estimate of $901.21 million. On average, sell-side analysts expect that Methanex will post 2.35 earnings per share for the current year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.53%. Methanex’s dividend payout ratio is presently 31.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. U S Global Investors Inc. purchased a new position in shares of Methanex in the 1st quarter valued at $178,000. Citigroup Inc. boosted its position in shares of Methanex by 40.2% in the 3rd quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after purchasing an additional 1,158 shares in the last quarter. Ausbil Investment Management Ltd acquired a new stake in shares of Methanex in the 4th quarter worth $195,000. Advisor Partners II LLC acquired a new stake in shares of Methanex in the 3rd quarter worth $209,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Methanex in the 3rd quarter worth $216,000. 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.