Methanex Corporation (NASDAQ:MEOH) Receives $48.00 Average Price Target from Brokerages

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $48.00.

MEOH has been the subject of a number of research analyst reports. UBS Group upped their price target on Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a report on Monday, January 12th. Canadian Imperial Bank of Commerce lowered Methanex from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $46.00 to $52.00 in a report on Friday, February 6th. JPMorgan Chase & Co. upgraded shares of Methanex from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $33.00 to $38.00 in a research note on Friday, October 31st. Raymond James Financial lowered shares of Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada boosted their price target on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd.

Methanex Stock Performance

Shares of MEOH opened at $49.37 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09. The stock has a 50-day simple moving average of $45.20 and a 200-day simple moving average of $39.57. The stock has a market capitalization of $3.82 billion, a PE ratio of 16.74 and a beta of 0.68. Methanex has a 1 year low of $25.46 and a 1 year high of $51.94.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 annualized dividend and a yield of 1.5%. Methanex’s dividend payout ratio is 25.08%.

Institutional Trading of Methanex

A number of institutional investors and hedge funds have recently made changes to their positions in MEOH. NewEdge Advisors LLC raised its holdings in shares of Methanex by 33.3% in the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after purchasing an additional 500 shares during the period. Value Partners Investments Inc. grew its position in shares of Methanex by 3.0% in the 3rd quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock worth $789,000 after acquiring an additional 570 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Methanex by 61.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after purchasing an additional 812 shares during the last quarter. Franklin Resources Inc. raised its stake in Methanex by 8.2% during the fourth quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock worth $425,000 after acquiring an additional 813 shares during the period. Finally, Amundi boosted its position in Methanex by 3.9% during the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Company Profile

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).