Methanex (NASDAQ:MEOH) Shares Up 4.3% on Analyst Upgrade

Shares of Methanex Co. (NASDAQ:MEOH - Get Free Report) TSE: MX were up 4.3% during mid-day trading on Thursday after UBS Group raised their price target on the stock from $59.00 to $62.00. UBS Group currently has a buy rating on the stock. Methanex traded as high as $50.91 and last traded at $49.75. Approximately 115,088 shares traded hands during trading, a decline of 61% from the average daily volume of 292,297 shares. The stock had previously closed at $47.71.

Other equities research analysts also recently issued reports about the stock. CIBC raised their price objective on shares of Methanex from $46.00 to $48.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 10th. Royal Bank of Canada restated a "sector perform" rating and set a $45.00 price objective on shares of Methanex in a research report on Wednesday, April 3rd. Raymond James dropped their price objective on shares of Methanex from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday, February 21st. TheStreet upgraded shares of Methanex from a "c" rating to a "b-" rating in a research note on Thursday, January 11th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.75.

Hedge Funds Weigh In On Methanex

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Methanex by 42.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,612 shares of the specialty chemicals company's stock valued at $616,000 after purchasing an additional 4,031 shares during the period. Mackenzie Financial Corp increased its position in shares of Methanex by 20.0% during the third quarter. Mackenzie Financial Corp now owns 739,849 shares of the specialty chemicals company's stock worth $31,950,000 after buying an additional 123,296 shares during the period. Advisor Partners II LLC acquired a new stake in shares of Methanex during the third quarter worth $209,000. Westbourne Investment Advisors Inc. increased its position in shares of Methanex by 0.5% during the third quarter. Westbourne Investment Advisors Inc. now owns 103,751 shares of the specialty chemicals company's stock worth $4,674,000 after buying an additional 553 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Methanex during the third quarter worth $364,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Trading Up 0.1 %

The company has a market cap of $3.22 billion, a price-to-earnings ratio of 19.42 and a beta of 1.50. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.84. The firm's 50-day moving average price is $45.53 and its 200 day moving average price is $44.71.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings data on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a net margin of 4.67% and a return on equity of 6.71%. The company had revenue of $922.00 million during the quarter, compared to the consensus estimate of $901.21 million. As a group, equities analysts expect that Methanex Co. will post 2.35 EPS for the current year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a dividend of $0.185 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.74 dividend on an annualized basis and a yield of 1.55%. Methanex's dividend payout ratio (DPR) is currently 30.08%.

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.