Analysts Set Methanex Co. (NASDAQ:MEOH) Price Target at $57.25

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $57.25.

A number of research analysts have recently commented on the company. Raymond James lowered their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. CIBC reaffirmed an “outperformer” rating and set a $59.00 price objective (up from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler raised their price target on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Methanex in the 3rd quarter valued at $40,000. Blue Trust Inc. lifted its stake in Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after purchasing an additional 1,575 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Methanex by 572.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 1,626 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Methanex during the second quarter valued at approximately $201,000. Finally, Value Partners Investments Inc. grew its stake in shares of Methanex by 10.4% in the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after purchasing an additional 532 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Trading Up 2.4 %

Shares of NASDAQ:MEOH opened at $48.43 on Friday. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The firm has a fifty day moving average price of $43.68 and a 200 day moving average price of $44.78. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $3.26 billion, a PE ratio of 22.63 and a beta of 1.40.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex’s payout ratio is presently 34.58%.

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.