CIBC Boosts Methanex (NASDAQ:MEOH) Price Target to $63.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lifted by CIBC from $59.00 to $63.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an outperformer rating on the specialty chemicals company’s stock.

A number of other equities research analysts have also issued reports on MEOH. Scotiabank increased their target price on shares of Methanex from $60.00 to $66.00 and gave the stock a “sector outperform” rating in a report on Thursday, January 30th. UBS Group reduced their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Friday, January 31st. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Barclays boosted their price objective on Methanex from $46.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, January 27th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.25.

Methanex Trading Down 2.6 %

Shares of NASDAQ MEOH opened at $52.22 on Monday. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $3.52 billion, a PE ratio of 22.61 and a beta of 1.36. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The stock has a fifty day simple moving average of $48.70 and a 200-day simple moving average of $44.89.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. On average, equities analysts forecast that Methanex will post 4.02 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.185 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.42%. Methanex’s payout ratio is currently 32.03%.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently added to or reduced their stakes in MEOH. Geode Capital Management LLC raised its holdings in Methanex by 1.2% during the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after purchasing an additional 1,203 shares in the last quarter. Barclays PLC grew its position in shares of Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after buying an additional 8,047 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Methanex during the 3rd quarter worth $1,092,000. Point72 Asset Management L.P. lifted its position in Methanex by 1,495.7% in the third quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after acquiring an additional 130,127 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 294 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

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.