Methanex (NASDAQ:MEOH) Reaches New 52-Week High – Here’s Why

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.35 and last traded at $52.7170, with a volume of 254416 shares. The stock had previously closed at $50.53.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MEOH shares. Raymond James Financial downgraded shares of Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. UBS Group increased their target price on Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a report on Monday, January 12th. Canadian Imperial Bank of Commerce downgraded Methanex from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $46.00 to $52.00 in a report on Friday, February 6th. Finally, Royal Bank Of Canada raised their price objective on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

Methanex Price Performance

The company has a market capitalization of $4.03 billion, a PE ratio of 17.74 and a beta of 0.65. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09. The stock has a 50 day moving average price of $46.20 and a two-hundred day moving average price of $40.22.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.185 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.4%. Methanex’s dividend payout ratio is 25.08%.

Institutional Investors Weigh In On Methanex

Several institutional investors and hedge funds have recently modified their holdings of MEOH. CWM LLC acquired a new position in Methanex during the second quarter worth $33,000. NewEdge Advisors LLC bought a new position in shares of Methanex in the 2nd quarter valued at approximately $50,000. Parkside Financial Bank & Trust lifted its holdings in Methanex by 1,244.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after purchasing an additional 1,232 shares during the last quarter. Clearstead Advisors LLC boosted its position in Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after purchasing an additional 1,375 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after purchasing an additional 1,410 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).