Methanex Corporation (NASDAQ:MEOH) Stock Has Average Target Price of $68.56 According to Brokerages

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $68.89.

Several analysts have recently issued reports on MEOH shares. Wall Street Zen upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. Weiss Ratings upgraded Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Canadian Imperial Bank of Commerce raised Methanex from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $69.00 to $71.00 in a research report on Monday, July 20th. National Bank Financial set a $70.00 price objective on Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, UBS Group boosted their price objective on Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday.

Methanex Trading Down 0.7%

Shares of MEOH stock opened at $60.41 on Thursday. Methanex has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The company has a 50 day moving average price of $58.35 and a 200 day moving average price of $57.53. The stock has a market capitalization of $4.67 billion, a P/E ratio of 58.65 and a beta of 0.71. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.Methanex’s quarterly revenue was up 75.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 earnings per share. Equities research analysts predict that Methanex will post 8.6 EPS for the current fiscal year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.1850 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. Methanex’s payout ratio is currently 71.84%.

Institutional Investors Weigh In On Methanex

A number of large investors have recently modified their holdings of MEOH. Parkside Financial Bank & Trust purchased a new stake in shares of Methanex during the 2nd quarter worth $38,000. Nykredit A S purchased a new position in Methanex in the second quarter valued at $83,000. State of Wyoming acquired a new stake in Methanex in the second quarter valued at $153,000. DCF Advisers LLC acquired a new stake in Methanex in the fourth quarter valued at $218,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Methanex during the 1st quarter worth about $220,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

About Methanex

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.