Methanex (NASDAQ:MEOH) Price Target Raised to $71.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target upped by Piper Sandler from $68.00 to $71.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Tuesday, September 3rd. Raymond James dropped their price objective on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. UBS Group reduced their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Finally, Barclays raised their price objective on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Methanex has a consensus rating of “Moderate Buy” and an average target price of $55.88.

Methanex Stock Up 2.3 %

MEOH opened at $45.45 on Tuesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. Methanex has a one year low of $36.13 and a one year high of $56.43. The firm has a market capitalization of $3.06 billion, a P/E ratio of 21.24 and a beta of 1.36. The company has a fifty day moving average price of $41.34 and a 200-day moving average price of $45.69.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

Institutional Trading of Methanex

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Blue Trust Inc. lifted its holdings in shares of Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after purchasing an additional 1,575 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after acquiring an additional 1,626 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Methanex in the second quarter worth approximately $201,000. Value Partners Investments Inc. grew its stake in shares of Methanex by 13.3% in the second quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after acquiring an additional 599 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in shares of Methanex during the first quarter valued at approximately $239,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.