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

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

A number of other equities research analysts have also weighed in on MEOH. Barclays lifted their price objective on Methanex from $53.00 to $56.00 and gave the stock an overweight rating in a research report on Monday, February 12th. CIBC boosted their price target 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. Raymond James cut 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. TheStreet upgraded Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Finally, Piper Sandler restated a neutral rating and issued a $50.00 target price on shares of Methanex in a research note on Thursday, March 7th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $54.38.

Methanex Trading Up 1.0 %

NASDAQ:MEOH opened at $48.27 on Thursday. The firm has a market capitalization of $3.25 billion, a P/E 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. The company has a fifty day moving average of $45.55 and a 200 day moving average of $44.74. Methanex has a 52 week low of $38.18 and a 52 week high of $51.42.

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

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 yield of 1.53%. The ex-dividend date of this dividend is Friday, June 14th. Methanex’s dividend payout ratio (DPR) is presently 31.36%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently added to or reduced their stakes in MEOH. Vanguard Group Inc. raised its position in shares of Methanex by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,018,835 shares of the specialty chemicals company’s stock worth $90,949,000 after purchasing an additional 32,244 shares during the last quarter. Citigroup Inc. raised its holdings in Methanex by 40.2% in the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after buying an additional 1,158 shares during the last quarter. Ausbil Investment Management Ltd bought a new position in shares of Methanex in the fourth quarter worth approximately $195,000. American Century Companies Inc. grew its holdings in shares of Methanex by 11.2% during the third quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock valued at $14,312,000 after buying an additional 31,950 shares during the last quarter. Finally, Quantbot Technologies LP increased its position in shares of Methanex by 356.3% during the third quarter. Quantbot Technologies LP now owns 17,583 shares of the specialty chemicals company’s stock valued at $792,000 after acquiring an additional 13,730 shares in the last quarter. 73.49% of the stock is 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.