Methanex (NASDAQ:MEOH) PT Raised to $58.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective upped by Scotiabank from $54.00 to $58.00 in a report published on Monday, Benzinga reports. They currently have a sector outperform rating on the specialty chemicals company’s stock. Scotiabank also issued estimates for Methanex’s Q2 2024 earnings at $0.60 EPS.

Other research analysts have also recently issued research reports about the company. TheStreet upgraded Methanex from a c rating to a b- rating in a research report on Thursday, January 11th. Piper Sandler reaffirmed a neutral rating and set a $50.00 price target on shares of Methanex in a report on Thursday, March 7th. Raymond James decreased their price objective on shares of Methanex from $67.00 to $62.00 and set an outperform rating on the stock in a research note on Wednesday, February 21st. UBS Group raised their target price on Methanex from $59.00 to $62.00 and gave the company a buy rating in a report on Thursday, April 25th. Finally, Royal Bank of Canada upped their price objective on Methanex from $45.00 to $50.00 and gave the stock a sector perform rating in a research report on Friday, April 26th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Methanex currently has an average rating of Moderate Buy and a consensus price target of $54.88.

Methanex Trading Up 0.7 %

Shares of Methanex stock opened at $48.23 on Monday. Methanex has a 52-week low of $38.18 and a 52-week high of $51.42. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. The firm has a 50-day moving average of $45.83 and a 200-day moving average of $44.85. The stock has a market cap of $3.25 billion, a PE ratio of 20.44 and a beta of 1.50.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.24. The company had revenue of $922.00 million during the quarter, compared to the consensus estimate of $901.21 million. Methanex had a net margin of 4.63% and a return on equity of 5.38%. As a group, sell-side analysts forecast that Methanex will post 2.35 EPS for the current year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Friday, June 14th. Methanex’s payout ratio is 31.36%.

Hedge Funds Weigh In On Methanex

A number of hedge funds have recently modified their holdings of MEOH. Shell Asset Management Co. lifted its holdings in Methanex by 6.2% during the 3rd quarter. Shell Asset Management Co. now owns 5,129 shares of the specialty chemicals company’s stock worth $232,000 after buying an additional 300 shares during the period. Pinnacle Associates Ltd. boosted its holdings in Methanex by 1.8% in the first quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock valued at $986,000 after acquiring an additional 393 shares during the last quarter. Westbourne Investment Advisors Inc. increased its position in Methanex by 0.4% during the 4th quarter. Westbourne Investment Advisors Inc. now owns 104,216 shares of the specialty chemicals company’s stock valued at $4,936,000 after purchasing an additional 465 shares during the period. Toronto Dominion Bank raised its holdings in Methanex by 0.8% during the 3rd quarter. Toronto Dominion Bank now owns 60,504 shares of the specialty chemicals company’s stock worth $2,726,000 after purchasing an additional 487 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Methanex by 3.6% in the 4th quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock valued at $666,000 after purchasing an additional 492 shares during the last quarter. Institutional investors and hedge funds 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.