Methanex (NASDAQ:MEOH) Raised to Buy at UBS Group

UBS Group upgraded shares of Methanex (NASDAQ:MEOHFree Report) (TSE:MX) from a neutral rating to a buy rating in a research report sent to investors on Thursday, Marketbeat.com reports. The brokerage currently has $60.00 price target on the specialty chemicals company’s stock, up from their previous price target of $51.00.

Other analysts have also issued reports about the stock. CIBC boosted their price target on shares of Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a research note on Wednesday, January 10th. Royal Bank of Canada reiterated a sector perform rating and set a $45.00 price target on shares of Methanex in a research note on Friday, December 1st. Scotiabank upgraded shares of Methanex from a sector perform rating to a sector outperform rating and boosted their price target for the stock from $47.00 to $54.00 in a research note on Monday, October 30th. TheStreet upgraded shares of Methanex from a c rating to a b- rating in a research note on Thursday, January 11th. Finally, Piper Sandler boosted their price target on shares of Methanex from $49.00 to $50.00 and gave the stock a neutral rating in a research note on Monday, February 5th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $53.89.

Check Out Our Latest Stock Analysis on Methanex

Methanex Trading Up 0.1 %

NASDAQ MEOH opened at $46.00 on Thursday. The firm’s 50-day moving average is $45.54 and its two-hundred day moving average is $43.70. Methanex has a 12 month low of $38.18 and a 12 month high of $54.83. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.14 and a quick ratio of 0.81. The stock has a market capitalization of $3.10 billion, a P/E ratio of 18.70 and a beta of 1.52.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $0.74 annualized dividend and a yield of 1.61%. Methanex’s dividend payout ratio is currently 30.08%.

Hedge Funds Weigh In On Methanex

Hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC increased its stake in Methanex by 37.2% in the first quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after purchasing an additional 302 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Methanex by 1,158.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,271 shares of the specialty chemicals company’s stock valued at $53,000 after purchasing an additional 1,170 shares during the last quarter. Banque Cantonale Vaudoise increased its stake in Methanex by 90.5% in the second quarter. Banque Cantonale Vaudoise now owns 2,000 shares of the specialty chemicals company’s stock valued at $83,000 after purchasing an additional 950 shares during the last quarter. State of Wyoming purchased a new position in Methanex in the fourth quarter valued at approximately $92,000. Finally, Deutsche Bank AG acquired a new stake in shares of Methanex in the fourth quarter valued at approximately $101,000. 71.00% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Company Profile

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Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

Further Reading

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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