Methanex (NASDAQ:MEOH) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $38.53 and traded as high as $48.17. Methanex shares last traded at $47.23, with a volume of 527,949 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Raymond James Financial cut shares of Methanex from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. Finally, UBS Group increased their target price on shares of Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.91.

Methanex Price Performance

The company has a 50-day moving average of $43.08 and a 200-day moving average of $38.53. 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 market cap of $3.65 billion, a price-to-earnings ratio of 16.01 and a beta of 0.68.

Methanex Announces Dividend

The business 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. This represents a $0.74 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio is 25.08%.

Hedge Funds Weigh In On Methanex

Institutional investors have recently bought and sold shares of the company. Intact Investment Management Inc. boosted its stake in shares of Methanex by 17.2% in the fourth quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock valued at $26,875,000 after buying an additional 99,210 shares in the last quarter. AMG National Trust Bank acquired a new stake in Methanex in the fourth quarter valued at $308,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Methanex by 44.4% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 7,800 shares of the specialty chemicals company’s stock worth $306,000 after purchasing an additional 2,400 shares in the last quarter. Exencial Wealth Advisors LLC boosted its position in shares of Methanex by 5.8% during the 4th quarter. Exencial Wealth Advisors LLC now owns 45,669 shares of the specialty chemicals company’s stock worth $1,814,000 after purchasing an additional 2,515 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Methanex by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock worth $108,917,000 after purchasing an additional 336,316 shares during the period. 73.49% of the stock is owned by institutional investors and hedge funds.

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).