UBS Group upgraded shares of Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $60.00 price objective on the specialty chemicals company’s stock, up from their previous price objective of $51.00.
A number of other research analysts have also commented on MEOH. CIBC increased their price objective on Methanex from $46.00 to $48.00 and gave the company a neutral rating in a report on Wednesday, January 10th. TheStreet raised Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $45.00 target price on shares of Methanex in a report on Friday, December 1st. Scotiabank raised Methanex from a sector perform rating to a sector outperform rating and raised their target price for the company from $47.00 to $54.00 in a report on Monday, October 30th. Finally, Barclays lowered their target price on Methanex from $50.00 to $48.00 and set an overweight rating on the stock in a report on Monday, October 30th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $53.89.
Methanex Stock Performance
Methanex Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, March 14th will be given a dividend of $0.185 per share. The ex-dividend date is Wednesday, March 13th. This represents a $0.74 annualized dividend and a dividend yield of 1.65%. Methanex’s dividend payout ratio (DPR) is presently 30.08%.
Hedge Funds Weigh In On Methanex
Several hedge funds and other institutional investors have recently modified their holdings of MEOH. Bank of Montreal Can bought a new position in shares of Methanex during the 2nd quarter worth approximately $39,344,000. Balyasny Asset Management LLC lifted its position in shares of Methanex by 271.9% during the 3rd quarter. Balyasny Asset Management LLC now owns 858,559 shares of the specialty chemicals company’s stock worth $27,361,000 after buying an additional 627,671 shares during the period. Norges Bank bought a new position in shares of Methanex during the 4th quarter worth approximately $23,513,000. Mackenzie Financial Corp lifted its position in shares of Methanex by 60.7% during the 1st quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock worth $89,072,000 after buying an additional 616,146 shares during the period. Finally, Boston Partners bought a new position in Methanex in the 2nd quarter valued at $17,453,000. Institutional investors own 71.00% of the company’s stock.
Methanex Company Profile
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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