Methanex (NASDAQ:MEOH) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Methanex (NASDAQ:MEOH - Free Report) TSE: MX in a research note published on Monday,Benzinga reports. The brokerage currently has a $55.00 target price on the specialty chemicals company's stock.

Other research analysts have also recently issued reports about the company. Piper Sandler upped their price objective on Methanex from $68.00 to $71.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Cibc World Mkts upgraded Methanex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, December 10th. Raymond James cut their price objective on Methanex from $62.00 to $54.00 and set an "outperform" rating for the company in a research report on Wednesday, September 11th. Barclays upped their target price on shares of Methanex from $44.00 to $46.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. Finally, CIBC reiterated an "outperformer" rating and set a $59.00 price target (up from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $57.25.

Methanex Trading Up 2.9 %

MEOH stock traded up $1.44 during trading on Monday, reaching $50.85. 571,571 shares of the stock were exchanged, compared to its average volume of 410,690. The business has a 50 day moving average price of $45.22 and a 200-day moving average price of $44.76. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. 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 firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 23.76 and a beta of 1.37.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.46%. The ex-dividend date was Tuesday, December 17th. Methanex's payout ratio is currently 34.58%.

Hedge Funds Weigh In On Methanex

Several institutional investors have recently modified their holdings of the business. Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Methanex by 9.9% in the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company's stock valued at $49,022,000 after acquiring an additional 106,848 shares in the last quarter. Bank of Montreal Can raised its position in Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company's stock valued at $55,406,000 after purchasing an additional 159,542 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Methanex by 3.4% in the 2nd 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. Mackenzie Financial Corp grew its position in shares of Methanex by 3.4% during the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company's stock worth $35,082,000 after buying an additional 23,747 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company's stock worth $24,551,000 after buying an additional 58,719 shares in the last quarter. Institutional investors and hedge funds 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.