Methanex (NASDAQ:MEOH) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research report sent to investors on Monday morning,Benzinga reports. Royal Bank of Canada currently has a $55.00 price target on the specialty chemicals company’s stock.

Several other analysts also recently weighed in on the stock. Piper Sandler lifted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. CIBC reiterated an “outperformer” rating and set a $59.00 target price (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Raymond James decreased their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Finally, Barclays increased their price objective on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.25.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $48.45 on Monday. The stock has a fifty day moving average price of $45.83 and a 200 day moving average price of $44.81. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The company has a market cap of $3.26 billion, a PE ratio of 22.64 and a beta of 1.37.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.185 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.53%. Methanex’s dividend payout ratio (DPR) is currently 34.58%.

Institutional Trading of Methanex

Institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Methanex during the 3rd quarter worth approximately $40,000. EverSource Wealth Advisors LLC raised its holdings in shares of Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after acquiring an additional 1,626 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Methanex by 56.8% in the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after acquiring an additional 896 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Methanex during the second quarter valued at $201,000. Finally, Value Partners Investments Inc. increased its position in Methanex by 10.4% during the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

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.