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

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price upped by Raymond James from $54.00 to $60.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the specialty chemicals company’s stock.

Other research analysts also recently issued research reports about the company. CIBC reissued an “outperformer” rating and issued a $59.00 target price (up previously from $48.00) on shares of Methanex in a report on Tuesday, December 10th. UBS Group cut their target price 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 shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Monday, January 6th. Finally, Piper Sandler upped their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Methanex Trading Up 3.0 %

Methanex stock opened at $49.47 on Tuesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The business’s fifty day moving average is $46.57 and its 200 day moving average is $44.79. Methanex has a one year low of $36.13 and a one year high of $56.43. The stock has a market capitalization of $3.33 billion, a PE ratio of 23.12 and a beta of 1.37.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a dividend of $0.185 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.50%. Methanex’s payout ratio is 34.58%.

Institutional Trading of Methanex

Institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its stake in shares of Methanex by 38.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 42,003 shares of the specialty chemicals company’s stock worth $2,027,000 after acquiring an additional 11,633 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Methanex by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock worth $45,570,000 after purchasing an additional 30,887 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Methanex by 26.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,220 shares of the specialty chemicals company’s stock worth $348,000 after purchasing an additional 1,505 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after purchasing an additional 1,626 shares during the period. Finally, Bank of Montreal Can raised its position in Methanex by 16.3% during the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after purchasing an additional 159,542 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

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.