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Methanex (NASDAQ:MEOH) price target raised to $60.00 at Scotiabank

Methanex (NASDAQ:MEOH) price target raised to .00 at Scotiabank


Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) Scotiabank Inc. has raised its price target to $60.00 from $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a sector outperform rating on the specialty chemicals company’s stock. Scotiabank also issued estimates for Methanex’s Q2 2024 earnings of $0.58 EPS.

Several other equities research analysts have also weighed in on MEOH. Jefferies Financial Group raised their price target on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a research report on Monday, June 10th. Royal Bank of Canada re-issued an industry perform rating and set a $55.00 price target on shares of Methanex in a research report on Friday, June 28th. Finally, UBS Group raised their price target on Methanex from $62.00 to $64.00 and gave the stock a buy rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and five have given it a buy rating. According to data from MarketBeat.com, Methanex currently has a consensus rating of Moderate Buy and an average price target of $56.88.

Read our latest stock analysis on MEOH

Methanex Price Performance

MEOH opened at $49.86 on Wednesday. The stock’s 50-day moving average price is $50.33 and its 200-day moving average price is $47.37. Methanex has a 12-month low of $38.31 and a 12-month high of $56.43. The company has a current ratio of 1.17, a quick ratio of 0.85 and a debt-to-equity ratio of 0.82. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 21.13 and a beta of 1.39.

Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last released its quarterly results on Wednesday, April 24. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.35. The company had revenue of $916.00 million for the quarter, compared to analyst estimates of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. As a group, sell-side analysts expect Methanex to post 2.22 EPS for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.185. The ex-dividend date was Friday, June 14th. This represents an annualized dividend of $0.74 and a dividend yield of 1.48%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional trading in Methanex

Several hedge funds have recently modified their holdings of the company. American Century Companies Inc. increased its holdings of Methanex by 11.2% in the third quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock worth $14,312,000 after purchasing an additional 31,950 shares in the last quarter. Citigroup Inc. increased its position in shares of Methanex by 40.2% in the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after purchasing an additional 1,158 shares during the period. Vanguard Group Inc. increased its position in shares of Methanex by 1.6% in the third quarter. Vanguard Group Inc. now owns 2,018,835 shares of the specialty chemicals company’s stock worth $90,949,000 after purchasing an additional 32,244 shares during the period. Ausbil Investment Management Ltd purchased a new stake in shares of Methanex in the fourth quarter worth $195,000. Finally, Westbourne Investment Advisors Inc. increased its position in shares of Methanex by 0.4% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 104,216 shares of the specialty chemicals company’s stock worth $4,936,000 after purchasing an additional 465 shares during the period. 73.49% of the stock is held by institutional investors and hedge funds.

About Methanex

(Get free report)

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 purchase agreements and on the spot market. In addition, it owns and leases storage and terminal facilities.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)



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