Methanex Co. (NASDAQ:MEOH) Receives $56.88 Average PT from Analysts

Methanex Co. (NASDAQ:MEOH) (TSE:MX) has earned an average rating of “Moderate Buy” from the eight brokerages that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $55.38.

MEOH has been the subject of several analyst reports. Raymond James reduced their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $44.00 in a report on Tuesday, September 10th. Piper Sandler boosted their price objective on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Finally, Scotiabank boosted their price target on shares of Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 10th.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently modified their holdings of MEOH. Clearbridge Investments LLC grew its holdings in shares of Methanex by 18.4% in the 2nd quarter. Clearbridge Investments LLC now owns 52,350 shares of the specialty chemicals company’s stock worth $2,526,000 after acquiring an additional 8,150 shares during the period. Truist Financial Corp grew its holdings in Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after purchasing an additional 294 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Methanex in the second quarter valued at $858,000. Mackenzie Financial Corp raised its stake in shares of Methanex by 3.4% during the 2nd quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock worth $35,082,000 after buying an additional 23,747 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Methanex by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock worth $2,699,000 after buying an additional 887 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

MEOH stock opened at $39.32 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $2.65 billion, a P/E ratio of 16.66 and a beta of 1.36. The business has a 50 day simple moving average of $45.15 and a 200-day simple moving average of $47.21. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.10. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The company had revenue of $920.00 million for the quarter, compared to the consensus estimate of $954.26 million. During the same period last year, the firm posted $0.60 EPS. Methanex’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, equities analysts anticipate that Methanex will post 2.46 EPS for the current year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date is Monday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.88%. Methanex’s payout ratio is currently 31.36%.

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.