Scotiabank Raises Methanex (NASDAQ:MEOH) Price Target to $58.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price increased by Scotiabank from $54.00 to $58.00 in a report published on Monday, Benzinga reports. Scotiabank currently has a sector outperform rating on the specialty chemicals company’s stock. Scotiabank also issued estimates for Methanex’s Q2 2024 earnings at $0.60 EPS.

Several other equities research analysts also recently issued reports on the company. Raymond James reduced their price objective on Methanex from $67.00 to $62.00 and set an outperform rating for the company in a research note on Wednesday, February 21st. TheStreet upgraded shares of Methanex from a c rating to a b- rating in a research note on Thursday, January 11th. Barclays boosted their price target on shares of Methanex from $53.00 to $56.00 and gave the company an overweight rating in a report on Monday, February 12th. Royal Bank of Canada increased their price objective on Methanex from $45.00 to $50.00 and gave the stock a sector perform rating in a report on Friday, April 26th. Finally, CIBC upped their target price on Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Methanex currently has a consensus rating of Moderate Buy and a consensus target price of $54.88.

Methanex Stock Performance

Methanex stock opened at $48.23 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 0.85. The company has a market cap of $3.25 billion, a P/E ratio of 20.44 and a beta of 1.50. Methanex has a fifty-two week low of $38.18 and a fifty-two week high of $51.42. The firm’s 50 day simple moving average is $45.83 and its 200-day simple moving average is $44.85.

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 the consensus estimate of $0.28 by $0.24. The company had revenue of $922.00 million for 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%. As a group, equities research analysts predict that Methanex will post 2.35 EPS for the current year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th 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 1.53%. The ex-dividend date is Friday, June 14th. Methanex’s dividend payout ratio is 31.36%.

Institutional Investors Weigh In On Methanex

Several institutional investors and hedge funds have recently added to or reduced their stakes in MEOH. U S Global Investors Inc. bought a new position in shares of Methanex in the first quarter valued at approximately $178,000. Citigroup Inc. lifted its position in Methanex by 40.2% during the 3rd quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after acquiring an additional 1,158 shares during the last quarter. Ausbil Investment Management Ltd bought a new stake in Methanex during the fourth quarter valued at about $195,000. Advisor Partners II LLC acquired a new stake in shares of Methanex in the third quarter valued at about $209,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of Methanex in the third quarter worth about $216,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.