Methanex (NASDAQ:MEOH) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research report sent to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $55.00 price objective on the specialty chemicals company’s stock.

Several other equities analysts have also commented on MEOH. Jefferies Financial Group raised their price target on Methanex from $56.00 to $60.00 and gave the company a buy rating in a research note on Monday, June 10th. UBS Group raised their price target on Methanex from $59.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 25th. Scotiabank raised their price target on Methanex from $54.00 to $58.00 and gave the company a sector outperform rating in a research note on Monday, April 29th. Finally, Piper Sandler reaffirmed a neutral rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Methanex presently has an average rating of Moderate Buy and an average target price of $56.38.

Methanex Stock Performance

MEOH stock opened at $47.61 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The business’s fifty day simple moving average is $50.33 and its two-hundred day simple moving average is $47.33. Methanex has a twelve month low of $38.31 and a twelve month high of $56.43. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 20.17 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.30 by $0.35. The firm had revenue of $916.00 million for the quarter, compared to analyst estimates of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. Analysts predict that Methanex will post 2.22 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend was Friday, June 14th. Methanex’s dividend payout ratio is presently 31.36%.

Institutional Investors Weigh In On Methanex

Several institutional investors have recently added to or reduced their stakes in MEOH. M&G Plc acquired a new stake in Methanex in the first quarter worth about $589,459,000. Norges Bank acquired a new stake in Methanex in the fourth quarter worth about $34,109,000. Wellington Management Group LLP boosted its holdings in 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 acquiring an additional 599,778 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 425,104 shares in the last quarter. Finally, FIL Ltd boosted its holdings in 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 acquiring an additional 346,475 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.