Royal Bank of Canada Boosts Methanex (NASDAQ:MEOH) Price Target to $55.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by Royal Bank of Canada from $50.00 to $55.00 in a report released on Monday morning, Marketbeat reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company’s stock.

Other research analysts also recently issued research reports about the stock. Raymond James cut their price target on shares of Methanex from $67.00 to $62.00 and set an outperform rating on the stock in a report on Wednesday, February 21st. UBS Group boosted their price objective on shares of Methanex from $59.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, April 25th. Scotiabank raised their target price on shares of Methanex from $54.00 to $58.00 and gave the company a sector outperform rating in a research note on Monday, April 29th. Barclays upped their price target on shares of Methanex from $53.00 to $56.00 and gave the company an overweight rating in a report on Monday, February 12th. Finally, Piper Sandler reiterated a neutral rating and issued a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Methanex has an average rating of Moderate Buy and a consensus target price of $55.50.

Methanex Stock Down 0.0 %

Methanex stock opened at $50.50 on Monday. The firm’s 50 day moving average price is $49.87 and its two-hundred day moving average price is $46.54. The firm has a market cap of $3.40 billion, a PE ratio of 21.40 and a beta of 1.42. Methanex has a twelve month low of $38.18 and a twelve month high of $56.43. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.35. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The firm had revenue of $916.00 million during the quarter, compared to analysts’ expectations of $908.50 million. On average, research analysts predict that Methanex will post 2.15 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.74 annualized dividend and a dividend yield of 1.47%. Methanex’s dividend payout ratio (DPR) is currently 31.36%.

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its position in shares of Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of Methanex during the first quarter worth approximately $45,000. U S Global Investors Inc. bought a new stake in shares of Methanex during the first quarter worth approximately $178,000. Citigroup Inc. raised its stake in shares of Methanex by 40.2% during the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after buying an additional 1,158 shares during the last quarter. Finally, Ausbil Investment Management Ltd bought a new stake in Methanex in the fourth quarter valued at approximately $195,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.