Methanex’s (MEOH) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a report published on Monday,Benzinga reports. The firm currently has a $55.00 price target on the specialty chemicals company’s stock.

Several other analysts have also recently issued reports on the stock. Raymond James reduced their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Piper Sandler increased their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. CIBC reiterated an “outperformer” rating and issued a $59.00 price objective (up from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. Finally, Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Methanex presently has an average rating of “Moderate Buy” and a consensus price target of $57.25.

Methanex Trading Down 4.0 %

Shares of NASDAQ MEOH opened at $48.45 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $3.26 billion, a PE ratio of 22.64 and a beta of 1.37. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The stock has a fifty day simple moving average of $45.83 and a 200-day simple moving average of $44.81.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Methanex in the 3rd quarter valued at $40,000. EverSource Wealth Advisors LLC lifted its position in Methanex by 572.5% in the second 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. Blue Trust Inc. boosted its stake in Methanex by 56.8% in the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after acquiring an additional 896 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Methanex during the second quarter worth about $201,000. Finally, Value Partners Investments Inc. increased its position in shares of Methanex by 10.4% during the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares in the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

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.