Raymond James Issues Positive Forecast for Methanex (NASDAQ:MEOH) Stock Price

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by Raymond James from $54.00 to $60.00 in a research note published on Tuesday,Benzinga reports. Raymond James currently has an outperform rating on the specialty chemicals company’s stock.

Several other brokerages have also issued reports on MEOH. UBS Group cut their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. CIBC reiterated an “outperformer” rating and set a $59.00 price target (up from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. 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 Monday, January 6th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler upped their price target on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $49.47 on Tuesday. The stock’s 50-day simple moving average is $46.57 and its two-hundred day simple moving average is $44.79. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The firm has a market capitalization of $3.33 billion, a P/E ratio of 23.12 and a beta of 1.37. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Tuesday, December 17th. Methanex’s payout ratio is 34.58%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB bought a new stake in shares of Methanex during the 3rd quarter valued at $40,000. Barclays PLC increased its stake in shares of Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after purchasing an additional 8,047 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Methanex by 7.8% during the third quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock valued at $1,481,000 after purchasing an additional 2,590 shares during the last quarter. Geode Capital Management LLC raised its stake in Methanex by 1.2% during the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after buying an additional 1,203 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Methanex in the 3rd quarter worth about $1,092,000. 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.