Scotiabank set a $69.50 price objective on Methanex (NASDAQ:MEOH) (TSE:MX) in a report released on Wednesday morning. The firm currently has a sector perform rating on the specialty chemicals company’s stock.
A number of other equities research analysts also recently commented on MEOH. Royal Bank of Canada reiterated a hold rating and issued a $63.00 target price on shares of Methanex in a research report on Friday, December 22nd. Cowen reiterated an outperform rating and issued a $69.00 target price (up from $65.00) on shares of Methanex in a research report on Wednesday, January 10th. Raymond James boosted their target price on Methanex from $60.00 to $63.50 and gave the stock a market perform rating in a research report on Friday, February 2nd. Monness Crespi & Hardt boosted their target price on Methanex from $65.00 to $72.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Finally, BidaskClub downgraded Methanex from a strong-buy rating to a buy rating in a research report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Methanex currently has a consensus rating of Hold and a consensus target price of $59.86.
Shares of Methanex stock opened at $66.80 on Wednesday. Methanex has a 52 week low of $39.47 and a 52 week high of $69.75. The stock has a market capitalization of $5,596.70, a PE ratio of 14.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.63. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 0.83.
Methanex announced that its Board of Directors has authorized a stock buyback program on Monday, March 5th that authorizes the company to buyback 6,590,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 31st. Shareholders of record on Saturday, March 17th were paid a dividend of $0.33 per share. This is a boost from Methanex’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.98%. The ex-dividend date was Thursday, March 15th. Methanex’s payout ratio is presently 28.03%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in Methanex by 4.0% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 911,000 shares of the specialty chemicals company’s stock worth $69,382,000 after acquiring an additional 35,363 shares during the last quarter. Jane Street Group LLC increased its stake in Methanex by 62.0% during the fourth quarter. Jane Street Group LLC now owns 38,078 shares of the specialty chemicals company’s stock worth $2,306,000 after acquiring an additional 14,574 shares during the last quarter. AMP Capital Investors Ltd increased its stake in Methanex by 4.4% during the fourth quarter. AMP Capital Investors Ltd now owns 167,674 shares of the specialty chemicals company’s stock worth $10,191,000 after acquiring an additional 7,025 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Methanex during the fourth quarter worth approximately $759,000. Finally, AXA bought a new stake in Methanex during the fourth quarter worth approximately $442,000. 80.29% of the stock is currently owned by institutional investors.
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Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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