Methanex Corporation (NASDAQ:MEOH) Stock Has Average Price Target of $68.56 According to Brokerages

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) have been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $68.56.

Several research firms have commented on MEOH. National Bank Financial set a $70.00 price objective on Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Canadian Imperial Bank of Commerce upgraded Methanex from a “neutral” rating to a “sector outperform” rating and lifted their target price for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Royal Bank Of Canada dropped their target price on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 1st. Finally, UBS Group upped their price target on Methanex from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday, July 31st.

Methanex Trading Down 0.2%

Shares of Methanex stock opened at $58.43 on Thursday. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83. The company has a fifty day simple moving average of $57.96 and a 200-day simple moving average of $57.33. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 56.73 and a beta of 0.71. Methanex has a 12-month low of $32.00 and a 12-month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a return on equity of 11.35% and a net margin of 2.07%.The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. Methanex’s revenue was up 75.0% compared to the same quarter last year. On average, equities analysts forecast that Methanex will post 8.6 EPS for the current fiscal year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.1850 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.3%. Methanex’s dividend payout ratio is presently 71.84%.

Institutional Trading of Methanex

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. boosted its stake in shares of Methanex by 0.4% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,048,214 shares of the specialty chemicals company’s stock valued at $81,363,000 after buying an additional 7,707 shares in the last quarter. Bank of America Corp DE purchased a new position in Methanex in the second quarter worth $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Methanex in the second quarter valued at $53,605,000. Dimensional Fund Advisors LP lifted its holdings in Methanex by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after acquiring an additional 50,681 shares during the period. Finally, Alberta Investment Management Corp boosted its position in shares of Methanex by 12.0% during the 4th quarter. Alberta Investment Management Corp now owns 1,111,000 shares of the specialty chemicals company’s stock worth $44,129,000 after purchasing an additional 119,000 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.