UBS Group Raises Methanex (NASDAQ:MEOH) Price Target to $62.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by UBS Group from $59.00 to $62.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the specialty chemicals company’s stock.

Other equities analysts have also issued research reports about the stock. CIBC increased their target price on shares of Methanex from $46.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Barclays raised their price objective on shares of Methanex from $53.00 to $56.00 and gave the company an overweight rating in a research report on Monday, February 12th. Royal Bank of Canada restated a sector perform rating and set a $45.00 price objective on shares of Methanex in a research report on Wednesday, April 3rd. Piper Sandler restated a neutral rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Finally, TheStreet upgraded shares of Methanex from a c rating to a b- rating in a research report on Thursday, January 11th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Methanex presently has an average rating of Moderate Buy and a consensus target price of $54.38.

Methanex Stock Performance

Shares of MEOH opened at $48.27 on Thursday. The firm has a 50-day moving average price of $45.55 and a 200 day moving average price of $44.73. The firm has a market capitalization of $3.25 billion, a PE ratio of 20.45 and a beta of 1.50. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Methanex has a 52-week low of $38.18 and a 52-week high of $51.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.24. The firm had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. Methanex had a net margin of 4.63% and a return on equity of 5.38%. On average, sell-side analysts anticipate that Methanex will post 2.35 earnings per share for the current fiscal year.

Methanex Announces Dividend

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

Institutional Trading of Methanex

A number of hedge funds have recently bought and sold shares of the company. FIL Ltd lifted its position in shares of Methanex by 4.9% in the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after purchasing an additional 346,475 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Methanex by 15.2% in 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Methanex by 21.1% in 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. lifted its position in shares of Methanex by 5.3% in 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 purchasing an additional 53,219 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Methanex by 1.0% in 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 purchasing an additional 10,824 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

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.