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

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

A number of other brokerages also recently commented on MEOH. Piper Sandler restated a neutral rating and issued a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. CIBC raised their price objective on shares of Methanex from $46.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. TheStreet upgraded shares of Methanex from a c rating to a b- rating in a research report on Thursday, January 11th. Raymond James reduced their price objective on shares of Methanex from $67.00 to $62.00 and set an outperform rating for the company in a research report on Wednesday, February 21st. Finally, Barclays raised their price objective on shares of Methanex from $53.00 to $56.00 and gave the company an overweight rating in a research report on Monday, February 12th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $54.88.

Methanex Price Performance

Shares of MEOH opened at $50.40 on Friday. Methanex has a fifty-two week low of $38.18 and a fifty-two week high of $51.42. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.36 and a beta of 1.51. The firm has a 50-day simple moving average of $45.62 and a 200-day simple moving average of $44.78. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a net margin of 4.63% and a return on equity of 5.38%. The business had revenue of $922.00 million during the quarter, compared to the consensus estimate of $901.21 million. On average, equities research analysts anticipate that Methanex will post 2.35 earnings per share for the current year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Friday, June 14th. Methanex’s dividend payout ratio (DPR) is 31.36%.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently modified their holdings of MEOH. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Methanex by 42.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,612 shares of the specialty chemicals company’s stock worth $616,000 after acquiring an additional 4,031 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Methanex by 20.0% during the 3rd quarter. Mackenzie Financial Corp now owns 739,849 shares of the specialty chemicals company’s stock worth $31,950,000 after purchasing an additional 123,296 shares during the last quarter. Advisor Partners II LLC acquired a new position in shares of Methanex during the 3rd quarter worth approximately $209,000. Westbourne Investment Advisors Inc. raised its position in shares of Methanex by 0.5% during 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 during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Methanex during the 3rd quarter worth approximately $364,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

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.