Royal Bank of Canada Raises Methanex (NASDAQ:MEOH) Price Target to $50.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price upped by Royal Bank of Canada from $45.00 to $50.00 in a research report released on Friday morning, BayStreet.CA reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company’s stock.

A number of other equities analysts also recently issued reports on the stock. TheStreet raised shares of Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Piper Sandler reaffirmed a neutral rating and issued a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Barclays lifted their target price on shares of Methanex from $53.00 to $56.00 and gave the stock an overweight rating in a research report on Monday, February 12th. UBS Group upped their target price on Methanex from $59.00 to $62.00 and gave the company a buy rating in a report on Thursday. Finally, CIBC lifted their price target on Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Methanex currently has an average rating of Moderate Buy and a consensus target price of $54.38.

Methanex Trading Up 1.0 %

MEOH opened at $48.27 on Friday. Methanex has a fifty-two week low of $38.18 and a fifty-two week high of $51.42. The firm has a market capitalization of $3.25 billion, a PE ratio of 20.45 and a beta of 1.51. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 0.85. The company’s 50-day moving average is $45.55 and its 200 day moving average is $44.74.

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

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.185 dividend. 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 dividend payout ratio is currently 31.36%.

Hedge Funds Weigh In On Methanex

Large investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Methanex by 42.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,612 shares of the specialty chemicals company’s stock worth $616,000 after buying an additional 4,031 shares during the period. Mackenzie Financial Corp grew its stake in Methanex by 20.0% during the third quarter. Mackenzie Financial Corp now owns 739,849 shares of the specialty chemicals company’s stock valued at $31,950,000 after acquiring an additional 123,296 shares in the last quarter. Advisor Partners II LLC bought a new stake in Methanex during the 3rd quarter worth approximately $209,000. Westbourne Investment Advisors Inc. lifted its stake in Methanex by 0.5% in the 3rd quarter. Westbourne Investment Advisors Inc. now owns 103,751 shares of the specialty chemicals company’s stock worth $4,674,000 after purchasing an additional 553 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in Methanex in the 3rd quarter valued at $364,000. Hedge funds and other institutional investors 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.