Methanex (MEOH) Reaches New 52-Week High After Analyst Upgrade

Methanex Co. (NASDAQ:MEOH) (TSE:MX) shares reached a new 52-week high during mid-day trading on Wednesday after TD Securities raised their price target on the stock from $59.00 to $66.00. TD Securities currently has a buy rating on the stock. Methanex traded as high as $59.05 and last traded at $58.55, with a volume of 503300 shares traded. The stock had previously closed at $57.85.

Several other research analysts have also recently issued reports on the company. Zacks Investment Research raised Methanex from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Tuesday, October 3rd. Scotiabank raised their target price on Methanex from $53.50 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, November 30th. Cowen reaffirmed a “buy” rating and set a $55.00 target price on shares of Methanex in a research note on Friday, September 1st. BMO Capital Markets reaffirmed a “buy” rating and set a $57.00 target price on shares of Methanex in a research note on Friday, November 24th. Finally, BidaskClub raised Methanex from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $56.47.

Hedge funds have recently made changes to their positions in the stock. Turner Investments LLC purchased a new stake in shares of Methanex during the second quarter valued at $221,000. ETRADE Capital Management LLC purchased a new stake in shares of Methanex during the third quarter valued at $241,000. AHL Partners LLP purchased a new stake in shares of Methanex during the second quarter valued at $300,000. PNC Financial Services Group Inc. lifted its holdings in shares of Methanex by 3.9% during the second quarter. PNC Financial Services Group Inc. now owns 6,948 shares of the specialty chemicals company’s stock valued at $305,000 after purchasing an additional 259 shares during the last quarter. Finally, Quantitative Investment Management LLC purchased a new stake in shares of Methanex during the second quarter valued at $321,000. 83.07% of the stock is owned by institutional investors and hedge funds.

The company has a market cap of $4,940.00, a price-to-earnings ratio of 17.58, a P/E/G ratio of 1.02 and a beta of 1.82. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.55 by $0.05. Methanex had a return on equity of 16.02% and a net margin of 9.81%. The business had revenue of $720.00 million during the quarter, compared to the consensus estimate of $614.19 million. During the same period in the prior year, the business posted ($0.01) earnings per share. Methanex’s revenue was up 41.2% compared to the same quarter last year. equities research analysts anticipate that Methanex Co. will post 3.8 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, December 14th. Methanex’s dividend payout ratio is 39.09%.

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Methanex Company Profile

Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.

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