Methanex (NASDAQ:MEOH) Reaches New 52-Week High – Here’s Why

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.35 and last traded at $52.7170, with a volume of 254416 shares. The stock had previously closed at $50.53.

Analysts Set New Price Targets

A number of research analysts have weighed in on MEOH shares. Raymond James Financial lowered shares of Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Zacks Research raised Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. Finally, UBS Group increased their price objective on Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Methanex Trading Up 3.2%

The business’s 50 day moving average price is $46.20 and its 200-day moving average price is $40.22. The company has a market cap of $4.03 billion, a price-to-earnings ratio of 17.74 and a beta of 0.65. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Methanex’s dividend payout ratio is presently 25.08%.

Institutional Trading of Methanex

Several institutional investors have recently bought and sold shares of MEOH. Semanteon Capital Management LP bought a new stake in shares of Methanex during the third quarter worth $419,000. Dynamic Technology Lab Private Ltd lifted its position in Methanex by 37.6% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 27,510 shares of the specialty chemicals company’s stock worth $911,000 after buying an additional 7,510 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in Methanex by 75.4% during the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 794,279 shares of the specialty chemicals company’s stock worth $26,352,000 after acquiring an additional 341,336 shares during the last quarter. PCJ Investment Counsel Ltd. acquired a new stake in Methanex in the 2nd quarter valued at about $3,982,000. Finally, Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock worth $67,577,000 after acquiring an additional 814,877 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

About Methanex

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).