Methanex Co. (NASDAQ:MEOH) Receives $56.38 Consensus Price Target from Brokerages

Methanex Co. (NASDAQ:MEOH) (TSE:MX) has received an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $56.38.

A number of brokerages recently weighed in on MEOH. Jefferies Financial Group raised their target price on shares of Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, June 10th. UBS Group raised their price objective on shares of Methanex from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Piper Sandler reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. Scotiabank raised their price objective on shares of Methanex from $54.00 to $58.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research note on Friday, June 28th.

Methanex Trading Up 1.8 %

Shares of NASDAQ:MEOH opened at $49.05 on Friday. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 20.78 and a beta of 1.39. Methanex has a 1-year low of $38.31 and a 1-year high of $56.43. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. The company has a 50 day moving average price of $50.38 and a 200 day moving average price of $47.37.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.35. The firm had revenue of $916.00 million during the quarter, compared to analysts’ expectations of $908.50 million. Methanex had a net margin of 4.63% and a return on equity of 5.38%. On average, research analysts anticipate that Methanex will post 2.22 EPS for the current fiscal year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.185 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.74 dividend on an annualized basis and a yield of 1.51%. Methanex’s payout ratio is 31.36%.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEOH. Toronto Dominion Bank lifted its position in Methanex by 0.8% in the 3rd quarter. Toronto Dominion Bank now owns 60,504 shares of the specialty chemicals company’s stock worth $2,726,000 after buying an additional 487 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Methanex during the 3rd quarter valued at $712,000. Becker Capital Management Inc. raised its holdings in shares of Methanex by 0.5% during the 3rd quarter. Becker Capital Management Inc. now owns 542,370 shares of the specialty chemicals company’s stock valued at $24,468,000 after purchasing an additional 2,868 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Methanex by 11.2% during the 3rd quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock valued at $14,312,000 after purchasing an additional 31,950 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Methanex by 40.2% during the 3rd quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after purchasing an additional 1,158 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.