Methanex (NASDAQ:MEOH) Price Target Raised to $60.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price boosted by Jefferies Financial Group from $50.00 to $60.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

Several other equities analysts have also recently weighed in on MEOH. Zacks Research raised Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. UBS Group raised their price target on shares of Methanex from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Raymond James Financial boosted their price objective on shares of Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday. Finally, Scotiabank reiterated an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.90.

Methanex Price Performance

MEOH opened at $51.75 on Wednesday. The firm has a market capitalization of $4.00 billion, a P/E ratio of 45.80 and a beta of 0.65. The stock has a fifty day moving average of $48.78 and a 200-day moving average of $41.44. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. Methanex has a 12-month low of $25.46 and a 12-month high of $59.09.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The business had revenue of $968.81 million for the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS. Equities analysts forecast that Methanex will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.185 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Methanex’s dividend payout ratio (DPR) is currently 65.49%.

Institutional Investors Weigh In On Methanex

A number of large investors have recently bought and sold shares of MEOH. Parkside Financial Bank & Trust increased its position in Methanex by 1,244.4% during the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after buying an additional 1,232 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Methanex in the second quarter worth about $50,000. Clearstead Advisors LLC boosted its stake in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after acquiring an additional 1,375 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Methanex by 131.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after acquiring an additional 1,410 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Methanex by 115.3% during the 4th quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after acquiring an additional 2,249 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).