UBS Group Cuts Methanex (NASDAQ:MEOH) Price Target to $53.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target lowered by UBS Group from $66.00 to $53.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

A number of other analysts have also recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Tuesday, April 1st. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Raymond James raised their price objective on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Scotiabank downgraded shares of Methanex from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $66.00 to $53.00 in a research note on Monday, March 10th. Finally, Piper Sandler cut shares of Methanex from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $71.00 to $36.00 in a research note on Monday. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.63.

Methanex Trading Up 17.1 %

Shares of Methanex stock opened at $30.29 on Monday. The firm’s 50-day moving average price is $40.20 and its two-hundred day moving average price is $43.55. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 13.11 and a beta of 1.06. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. Methanex has a 12-month low of $25.46 and a 12-month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. On average, analysts forecast that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Monday, March 17th. Methanex’s dividend payout ratio is currently 32.03%.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Pictet Asset Management Holding SA raised its stake in shares of Methanex by 2.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,463 shares of the specialty chemicals company’s stock worth $573,000 after purchasing an additional 293 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after purchasing an additional 371 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Methanex by 3.4% during the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company’s stock worth $588,000 after purchasing an additional 383 shares during the last quarter. PCJ Investment Counsel Ltd. lifted its position in shares of Methanex by 3.6% during the 4th quarter. PCJ Investment Counsel Ltd. now owns 11,800 shares of the specialty chemicals company’s stock worth $589,000 after buying an additional 410 shares in the last quarter. Finally, Value Partners Investments Inc. grew its holdings in shares of Methanex by 7.3% in the fourth quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company’s stock valued at $302,000 after acquiring an additional 411 shares in the last quarter. 73.49% of the stock is owned by institutional investors.

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.