Methanex (NASDAQ:MEOH) Price Target Raised to $71.00 at Piper Sandler

Methanex (NASDAQ:MEOH) (TSE:MX) had its target price increased by Piper Sandler from $68.00 to $71.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the specialty chemicals company’s stock.

A number of other equities analysts have also weighed in on the stock. Raymond James dropped their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. 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. Finally, UBS Group decreased their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.88.

Methanex Stock Up 2.3 %

Shares of MEOH stock opened at $45.45 on Tuesday. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The company has a 50 day simple moving average of $41.34 and a two-hundred day simple moving average of $45.69. 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 cap of $3.06 billion, a P/E ratio of 21.24 and a beta of 1.36.

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 given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex’s dividend payout ratio is 34.58%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its stake in shares of Methanex by 52,500.0% in the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after purchasing an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after buying an additional 1,626 shares during the period. Squarepoint Ops LLC bought a new stake in Methanex in the second quarter worth $201,000. Value Partners Investments Inc. boosted its stake in 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 buying an additional 532 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Methanex during the first quarter valued at $239,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.