Methanex Co. (NASDAQ:MEOH) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $54.88.

Several brokerages have recently issued reports on MEOH. TheStreet upgraded shares of Methanex from a “c” rating to a “b-” rating in a research note on Thursday, January 11th. Piper Sandler reiterated a “neutral” rating and issued a $50.00 target price on shares of Methanex in a research report on Thursday, March 7th. Raymond James decreased their price objective on Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 21st. Royal Bank of Canada upped their target price on Methanex from $45.00 to $50.00 and gave the company a “sector perform” rating in a research note on Friday, April 26th. Finally, CIBC increased their target price on Methanex from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th.

Institutional Investors Weigh In On Methanex

Institutional investors have recently modified their holdings of the business. FIL Ltd boosted its position in shares of Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after acquiring an additional 346,475 shares during the last quarter. Wellington Management Group LLP lifted its stake in Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after purchasing an additional 599,778 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Methanex by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock worth $115,745,000 after purchasing an additional 425,104 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Methanex by 5.3% during the first quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,066,683 shares of the specialty chemicals company’s stock worth $47,589,000 after acquiring an additional 53,219 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Methanex by 1.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,050,158 shares of the specialty chemicals company’s stock worth $47,323,000 after buying an additional 10,824 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

MEOH opened at $48.40 on Thursday. The stock has a market capitalization of $3.26 billion, a PE ratio of 20.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. Methanex has a 52-week low of $38.18 and a 52-week high of $51.42. The stock’s 50 day moving average price is $46.26 and its 200-day moving average price is $45.09.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, June 14th. Methanex’s dividend payout ratio (DPR) is presently 31.36%.

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.