Methanex (NASDAQ:MEOH) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a report issued on Friday,Benzinga reports. They currently have a $55.00 price target on the specialty chemicals company’s stock.

Several other brokerages also recently issued reports on MEOH. UBS Group lowered their price objective 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. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. CIBC restated an “outperformer” rating and issued a $59.00 price target (up from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Raymond James increased their price objective on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. Finally, Piper Sandler boosted their target price on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.75.

Methanex Stock Performance

MEOH stock opened at $52.20 on Friday. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The business’s 50-day moving average price is $48.33 and its two-hundred day moving average price is $44.96. The firm has a market cap of $3.52 billion, a PE ratio of 22.60 and a beta of 1.37. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 11.10% and a net margin of 4.41%. As a group, research analysts forecast that Methanex will post 4.02 earnings per share for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s dividend payout ratio is currently 32.03%.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. raised its position in Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after acquiring an additional 106,848 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Methanex by 13.0% in the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after purchasing an additional 58,719 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Methanex by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock valued at $8,483,000 after purchasing an additional 8,850 shares during the last quarter. Chartwell Investment Partners LLC grew its holdings in Methanex by 27.8% during the third quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock worth $8,387,000 after purchasing an additional 44,173 shares during the period. Finally, Point72 Asset Management L.P. increased its position in Methanex by 1,495.7% during the third quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after buying an additional 130,127 shares during the last quarter. 73.49% of the stock is owned by 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.