Methanex Co. to Issue Quarterly Dividend of $0.19 (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH) (TSE:MX) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Tuesday, December 17th will be given a dividend of 0.185 per share by the specialty chemicals company on Tuesday, December 31st. This represents a $0.74 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Tuesday, December 17th.

Methanex has increased its dividend payment by an average of 15.6% per year over the last three years. Methanex has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Methanex to earn $3.79 per share next year, which means the company should continue to be able to cover its $0.74 annual dividend with an expected future payout ratio of 19.5%.

Methanex Price Performance

Shares of Methanex stock opened at $45.72 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The stock’s 50-day simple moving average is $43.26 and its 200-day simple moving average is $45.06. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 21.36 and a beta of 1.40.

Analysts Set New Price Targets

MEOH has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. CIBC reiterated an “outperformer” rating and issued a $59.00 price target (up previously from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. UBS Group cut their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Raymond James decreased their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Methanex has a consensus rating of “Moderate Buy” and an average target price of $57.25.

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.