Methanex (NASDAQ:MEOH) Raised to “Strong-Buy” at Cibc World Mkts

Cibc World Mkts upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on MEOH. Barclays upped their price objective on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. Piper Sandler increased their price target on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. CIBC restated 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. Finally, UBS Group dropped their price target on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.25.

Methanex Price Performance

Shares of MEOH opened at $45.89 on Tuesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The stock has a 50 day simple moving average of $43.21 and a 200 day simple moving average of $45.16. Methanex has a 52-week low of $36.13 and a 52-week high of $56.43. The firm has a market capitalization of $3.09 billion, a PE ratio of 21.44 and a beta of 1.40.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio is presently 34.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank lifted its stake in shares of Methanex by 19.6% in the second quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock worth $1,604,000 after acquiring an additional 5,451 shares during the period. Millennium Management LLC lifted its stake in shares of Methanex by 13.0% in the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after acquiring an additional 58,719 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Methanex in the second quarter worth approximately $201,000. Truist Financial Corp lifted its stake in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after acquiring an additional 294 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Methanex by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after buying an additional 30,887 shares during the period. 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.