CIBC Boosts Methanex (NASDAQ:MEOH) Price Target to $44.00

Key Points

• CIBC has raised the price target for Methanex from $42.00 to $44.00, indicating a potential upside of 32.73% from the stock's previous close.
• Additional analysts have set varied price targets, with Piper Sandler at $48.00 and Scotiabank at $53.00, while the consensus price target stands at $45.25.
• Methanex reported earnings per share of $0.97 for the last quarter, significantly surpassing estimates, despite a year-over-year revenue decline of 13.4% to $808.46 million.

Methanex (NASDAQ:MEOH - Free Report) TSE: MX had its target price increased by CIBC from $42.00 to $44.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an outperformer rating on the specialty chemicals company's stock.

MEOH has been the subject of a number of other research reports. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. assumed coverage on Methanex in a research note on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price target on the stock. Scotiabank raised Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 target price on the stock in a research note on Monday, May 5th. Finally, UBS Group cut their target price on Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Thursday. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Methanex currently has a consensus rating of "Moderate Buy" and an average target price of $45.25.

Methanex Stock Performance

Shares of MEOH stock traded down $0.29 on Friday, hitting $33.15. 875,630 shares of the stock were exchanged, compared to its average volume of 513,884. The company has a current ratio of 2.13, a quick ratio of 2.52 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $2.56 billion, a PE ratio of 9.78 and a beta of 0.93. Methanex has a one year low of $25.46 and a one year high of $54.49. The firm's 50 day moving average is $34.05 and its two-hundred day moving average is $36.88.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.42 by $0.55. Methanex had a return on equity of 12.61% and a net margin of 7.02%. The business had revenue of $808.46 million during the quarter, compared to the consensus estimate of $835.04 million. During the same quarter last year, the company earned $0.62 EPS. The firm's revenue was down 13.4% compared to the same quarter last year. Sell-side analysts expect that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio (DPR) is 21.83%.

Institutional Trading of Methanex

Several institutional investors and hedge funds have recently added to or reduced their stakes in MEOH. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Methanex during the 2nd quarter valued at approximately $33,000. CWM LLC bought a new stake in Methanex during the 2nd quarter valued at $33,000. SVB Wealth LLC bought a new stake in Methanex during the 1st quarter valued at $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Methanex in the 1st quarter worth $55,000. Finally, Headlands Technologies LLC bought a new position in shares of Methanex in the 1st quarter worth $82,000. Institutional investors own 73.49% of the company's stock.

About Methanex

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.