Methanex Co. (NASDAQ:MEOH) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $57.25.

Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Raymond James dropped their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. CIBC reaffirmed an “outperformer” rating and set a $59.00 target price (up from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Piper Sandler increased 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. Finally, Barclays lifted their price target on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th.

Hedge Funds Weigh In On Methanex

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new stake in Methanex during the third quarter valued at about $40,000. Barclays PLC raised its holdings in shares of Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after acquiring an additional 8,047 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Methanex by 7.8% during the 3rd quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock valued at $1,481,000 after acquiring an additional 2,590 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Methanex by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after acquiring an additional 1,203 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Methanex during the third quarter worth about $1,092,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Trading Up 0.4 %

Shares of NASDAQ:MEOH opened at $45.92 on Friday. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The business’s 50 day simple moving average is $43.48 and its 200 day simple moving average is $44.92. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The company has a market capitalization of $3.09 billion, a P/E ratio of 21.46 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. Stockholders of record on Tuesday, December 17th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.61%. Methanex’s payout ratio is presently 34.58%.

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.