Scotiabank Analysts Give Methanex (MEOH) a $69.50 Price Target
Scotiabank set a $69.50 price target on Methanex (NASDAQ:MEOH) (TSE:MX) in a report released on Wednesday. The brokerage currently has a sector perform rating on the specialty chemicals company’s stock.
Other analysts have also issued research reports about the company. Royal Bank of Canada reaffirmed a hold rating and issued a $63.00 price objective on shares of Methanex in a report on Friday, December 22nd. Cowen reaffirmed an outperform rating and issued a $69.00 price objective (up previously from $65.00) on shares of Methanex in a report on Wednesday, January 10th. Raymond James lifted their price objective on Methanex from $60.00 to $63.50 and gave the stock a market perform rating in a report on Friday, February 2nd. Monness Crespi & Hardt lifted their price objective on Methanex from $65.00 to $72.00 and gave the stock a buy rating in a report on Friday, February 2nd. Finally, BidaskClub lowered Methanex from a strong-buy rating to a buy rating in a report on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Methanex presently has a consensus rating of Hold and a consensus target price of $59.86.
Shares of MEOH opened at $66.80 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.66 and a quick ratio of 1.25. Methanex has a one year low of $39.47 and a one year high of $69.75. The firm has a market capitalization of $5,596.70, a P/E ratio of 14.18, a PEG ratio of 0.70 and a beta of 1.63.
The business also recently announced a quarterly dividend, which was paid on Saturday, March 31st. Investors of record on Saturday, March 17th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, March 15th. This is an increase from Methanex’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.98%. Methanex’s payout ratio is 28.03%.
Methanex declared that its board has authorized a stock buyback plan on Monday, March 5th that authorizes the company to buyback 6,590,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FineMark National Bank & Trust purchased a new position in Methanex during the fourth quarter valued at $253,000. FNY Partners Fund LP purchased a new position in Methanex during the fourth quarter valued at $302,000. AXA purchased a new position in Methanex during the fourth quarter valued at $442,000. Twin Tree Management LP purchased a new position in Methanex during the fourth quarter valued at $679,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Methanex during the third quarter valued at $704,000. Institutional investors own 80.29% of the company’s stock.
Methanex Company Profile
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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