Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) had its price target upped by Piper Sandler from $51.00 to $68.00 in a research note released on Tuesday, Marketbeat reports. The brokerage currently has an overweight rating on the specialty chemicals company’s stock.
Several other research analysts have also issued reports on MEOH. Scotiabank increased their price target on shares of Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a research note on Wednesday, July 10th. Barclays downgraded shares of Methanex from an overweight rating to an equal weight rating and decreased their target price for the company from $56.00 to $44.00 in a research note on Tuesday. Royal Bank of Canada restated a sector perform rating and issued a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. UBS Group lowered their price objective on Methanex from $62.00 to $58.00 and set a buy rating for the company in a research note on Wednesday, August 21st. Finally, Jefferies Financial Group increased 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $55.88.
Get Our Latest Stock Analysis on MEOH
Methanex Stock Up 2.2 %
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. The company had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 earnings per share. As a group, analysts forecast that Methanex will post 2.49 earnings per share for the current fiscal year.
Methanex Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s payout ratio is currently 31.36%.
Institutional Investors Weigh In On Methanex
Several large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in Methanex by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 908,008 shares of the specialty chemicals company’s stock valued at $43,004,000 after acquiring an additional 15,190 shares during the last quarter. Norges Bank bought a new stake in shares of Methanex during the 4th quarter valued at about $34,109,000. Clearbridge Investments LLC purchased a new stake in shares of Methanex during the 4th quarter valued at about $2,093,000. Trexquant Investment LP lifted its stake in shares of Methanex by 35.1% in the 4th quarter. Trexquant Investment LP now owns 8,059 shares of the specialty chemicals company’s stock worth $382,000 after purchasing an additional 2,094 shares during the period. Finally, Renaissance Group LLC boosted its holdings in shares of Methanex by 6.8% in the fourth quarter. Renaissance Group LLC now owns 51,547 shares of the specialty chemicals company’s stock worth $2,441,000 after buying an additional 3,285 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.
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.
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