Methanex (NASDAQ:MEOH) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Methanex (NASDAQ:MEOHFree Report) (TSE:MX) in a report issued on Friday morning, Benzinga reports. They currently have a $55.00 price objective on the specialty chemicals company’s stock.

Other equities research analysts have also issued research reports about the stock. UBS Group increased their price objective on shares of Methanex from $59.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 25th. Piper Sandler reaffirmed a neutral rating and set a $50.00 price target on shares of Methanex in a research report on Thursday, March 7th. Scotiabank boosted their price objective on Methanex from $54.00 to $58.00 and gave the stock a sector outperform rating in a research report on Monday, April 29th. Finally, Jefferies Financial Group lifted their target price on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Methanex has an average rating of Moderate Buy and a consensus price target of $56.38.

Check Out Our Latest Report on Methanex

Methanex Stock Up 0.1 %

MEOH stock opened at $48.26 on Friday. The firm has a market capitalization of $3.25 billion, a PE ratio of 20.45 and a beta of 1.42. The company has a quick ratio of 0.85, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Methanex has a twelve month low of $38.31 and a twelve month high of $56.43. The stock’s 50 day moving average is $50.33 and its 200-day moving average is $47.32.

Methanex (NASDAQ:MEOHGet Free Report) (TSE:MX) last issued its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.35. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The business had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $908.50 million. Sell-side analysts expect that Methanex will post 2.22 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Friday, June 14th. Methanex’s dividend payout ratio (DPR) is currently 31.36%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MEOH. M&G Plc purchased a new stake in shares of Methanex during the first quarter worth $589,459,000. Norges Bank purchased a new stake in Methanex during the 4th quarter worth about $34,109,000. Wellington Management Group LLP boosted its stake in Methanex by 15.2% in the 4th 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 period. Vanguard Group Inc. grew its holdings in Methanex by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after buying an additional 425,104 shares in the last quarter. Finally, FIL Ltd increased its position in shares of Methanex by 4.9% during the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after buying an additional 346,475 shares during the period. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

About Methanex

(Get Free Report)

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.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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