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

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

MEOH has been the topic of several other reports. UBS Group increased their price objective on Methanex from $59.00 to $62.00 and gave the company a buy rating in a research report on Thursday. Piper Sandler reiterated a neutral rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Barclays increased their price objective on Methanex from $53.00 to $56.00 and gave the company an overweight rating in a research report on Monday, February 12th. TheStreet upgraded Methanex from a c rating to a b- rating in a research report on Thursday, January 11th. Finally, CIBC increased their price objective on Methanex from $46.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Methanex has a consensus rating of Moderate Buy and a consensus price target of $54.38.

Methanex Stock Performance

NASDAQ:MEOH opened at $48.27 on Friday. The business’s 50-day moving average price is $45.55 and its two-hundred day moving average price is $44.73. Methanex has a twelve month low of $38.18 and a twelve month high of $51.42. The stock has a market cap of $3.25 billion, a P/E ratio of 20.45 and a beta of 1.50. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.82.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share for the quarter, beating 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 analysts’ expectations of $901.21 million. As a group, equities analysts predict that Methanex will post 2.35 EPS for the current fiscal year.

Methanex Dividend Announcement

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

Hedge Funds Weigh In On Methanex

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Pinnacle Associates Ltd. grew its position in shares of Methanex by 1.8% in the 1st quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock worth $986,000 after buying an additional 393 shares during the last quarter. U S Global Investors Inc. bought a new stake in shares of Methanex in the 1st quarter worth approximately $178,000. Westbourne Investment Advisors Inc. lifted its stake in shares of Methanex by 5.1% in the 1st quarter. Westbourne Investment Advisors Inc. now owns 109,566 shares of the specialty chemicals company’s stock valued at $4,890,000 after purchasing an additional 5,350 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Methanex by 5.3% in the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,066,683 shares of the specialty chemicals company’s stock valued at $47,589,000 after purchasing an additional 53,219 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Methanex by 21.1% in the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after purchasing an additional 425,104 shares during the period. 73.49% of the stock is currently 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.