Methanex (NASDAQ:MEOH) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note released on Monday morning,Benzinga reports. They currently have a $55.00 price target on the specialty chemicals company’s stock.

Other analysts have also recently issued reports about the stock. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. CIBC restated 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. Piper Sandler lifted their price objective on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Raymond James cut their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.25.

Methanex Stock Up 2.9 %

Shares of MEOH stock opened at $50.85 on Monday. The stock’s 50 day simple moving average is $45.22 and its 200 day simple moving average is $44.76. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 23.76 and a beta of 1.37.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a $0.185 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.46%. Methanex’s dividend payout ratio (DPR) is 34.58%.

Institutional Trading of Methanex

Institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Methanex in the third quarter worth $40,000. EverSource Wealth Advisors LLC raised its stake in shares of Methanex by 572.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after buying an additional 1,626 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Methanex by 56.8% during the 3rd quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock worth $102,000 after acquiring an additional 896 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Methanex during the 2nd quarter valued at about $201,000. Finally, Value Partners Investments Inc. increased its stake in Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after acquiring an additional 532 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.