Methanex’s (MEOH) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a report published on Tuesday, Benzinga reports. The firm currently has a $55.00 price target on the specialty chemicals company’s stock.

A number of other analysts have also weighed in on MEOH. Piper Sandler raised Methanex from a neutral rating to an overweight rating and upped their price objective for the stock from $50.00 to $51.00 in a research report on Wednesday, August 7th. Scotiabank upped their price objective on Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a research report on Wednesday, July 10th. Jefferies Financial Group upped their price objective on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a research report on Monday, June 10th. Finally, UBS Group dropped their target price on Methanex from $62.00 to $58.00 and set a buy rating on the stock in a report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Methanex currently has an average rating of Moderate Buy and a consensus target price of $56.25.

Methanex Stock Up 0.8 %

NASDAQ:MEOH opened at $44.97 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The stock’s fifty day moving average is $46.68 and its two-hundred day moving average is $47.50. Methanex has a 52 week low of $38.31 and a 52 week high of $56.43. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 19.06 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business had revenue of $920.00 million for the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the prior year, the company earned $0.60 earnings per share. The company’s revenue was down 2.0% on a year-over-year basis. Research analysts anticipate that Methanex will post 2.49 EPS for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s payout ratio is 31.36%.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its holdings in shares of Methanex by 0.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock worth $1,769,000 after purchasing an additional 229 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Methanex by 5.0% during the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after purchasing an additional 294 shares during the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Methanex by 1.8% during the first quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock worth $986,000 after purchasing an additional 393 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Methanex by 3.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock worth $622,000 after buying an additional 411 shares during the period. Finally, Value Partners Investments Inc. boosted its stake in shares of Methanex by 13.3% during the second quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after buying an additional 599 shares during the period. Hedge funds and other 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.