Analysts Set Methanex Co. (NASDAQ:MEOH) Price Target at $55.88

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been assigned an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $55.88.

Several brokerages have commented on MEOH. Piper Sandler increased their price target on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. UBS Group cut their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Barclays raised their price target on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Finally, StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th.

Methanex Stock Performance

MEOH opened at $46.88 on Monday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The company has a market cap of $3.16 billion, a PE ratio of 21.91 and a beta of 1.36. The stock has a 50-day moving average of $42.22 and a 200-day moving average of $45.54. Methanex has a 52-week low of $36.13 and a 52-week high of $56.43.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

Hedge Funds Weigh In On Methanex

Several large investors have recently added to or reduced their stakes in MEOH. Wilmington Savings Fund Society FSB bought a new stake in shares of Methanex during the third quarter valued at approximately $40,000. Barclays PLC boosted its stake in Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after buying an additional 8,047 shares in the last quarter. Toronto Dominion Bank boosted its stake in Methanex by 7.8% during the third quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock worth $1,481,000 after buying an additional 2,590 shares in the last quarter. Geode Capital Management LLC increased its holdings in Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after buying an additional 1,203 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Methanex in the 3rd quarter valued at $1,092,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company Profile

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.