Raymond James Lowers Methanex (NASDAQ:MEOH) Price Target to $50.00

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) had its target price reduced by Raymond James from $58.00 to $50.00 in a research report sent to investors on Friday morning, BayStreet.CA reports. Raymond James currently has a market perform rating on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other reports. Jefferies Financial Group boosted their price target on shares of Methanex from $67.00 to $73.00 in a research note on Thursday, June 16th. UBS Group reduced their price target on shares of Methanex from $36.00 to $34.00 and set a sell rating for the company in a report on Thursday, July 28th. Scotiabank cut shares of Methanex from a sector outperform rating to a sector perform rating and set a $50.00 target price for the company. in a report on Tuesday, May 31st. StockNews.com cut shares of Methanex from a strong-buy rating to a buy rating in a report on Thursday, May 5th. Finally, Piper Sandler dropped their price target on shares of Methanex from $48.00 to $40.00 and set an underweight rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $51.85.

Methanex Stock Performance

NASDAQ MEOH opened at $36.22 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.35 and a quick ratio of 1.77. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 5.62 and a beta of 1.67. The company’s fifty day moving average is $42.23 and its two-hundred day moving average is $47.73. Methanex has a 52-week low of $29.61 and a 52-week high of $56.79.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last issued its earnings results on Wednesday, July 27th. The specialty chemicals company reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.85 by ($0.69). Methanex had a net margin of 11.10% and a return on equity of 24.76%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.18 billion. Equities research analysts forecast that Methanex will post 6.92 EPS for the current year.

Methanex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.70 annualized dividend and a yield of 1.93%. This is a positive change from Methanex’s previous quarterly dividend of $0.15. Methanex’s dividend payout ratio is presently 8.99%.

Institutional Investors Weigh In On Methanex

A number of institutional investors and hedge funds have recently modified their holdings of MEOH. Mackenzie Financial Corp grew its position in Methanex by 60.7% during the first quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock valued at $89,072,000 after acquiring an additional 616,146 shares during the last quarter. Granite Investment Partners LLC lifted its stake in Methanex by 4.1% in the fourth quarter. Granite Investment Partners LLC now owns 780,124 shares of the specialty chemicals company’s stock worth $30,854,000 after acquiring an additional 30,875 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Methanex by 32.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 755,064 shares of the specialty chemicals company’s stock worth $41,161,000 after acquiring an additional 183,416 shares during the period. Oxbow Capital Management HK Ltd purchased a new stake in Methanex in the fourth quarter worth $21,752,000. Finally, Acadian Asset Management LLC lifted its stake in Methanex by 72.3% in the first quarter. Acadian Asset Management LLC now owns 494,842 shares of the specialty chemicals company’s stock worth $26,993,000 after acquiring an additional 207,580 shares during the period. 91.37% of the stock is owned by hedge funds and other institutional investors.

Methanex Company Profile

(Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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