Methanex (NASDAQ:MEOH) Cut to Sector Perform at Scotiabank

Scotiabank cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a sector outperform rating to a sector perform rating in a report issued on Monday morning, MarketBeat reports. They currently have $53.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $66.00.

MEOH has been the subject of several other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Friday, January 31st. Raymond James lifted their price objective on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. Barclays lifted their price objective on shares of Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. UBS Group lifted their price objective on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Piper Sandler boosted their price target on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.63.

Methanex Stock Performance

NASDAQ:MEOH opened at $36.68 on Monday. The company has a fifty day simple moving average of $47.18 and a two-hundred day simple moving average of $44.77. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 15.88 and a beta of 1.39. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. Methanex has a 52 week low of $35.67 and a 52 week high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. As a group, equities analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.02%. Methanex’s payout ratio is 32.03%.

Institutional Investors Weigh In On Methanex

A number of institutional investors and hedge funds have recently made changes to their positions in MEOH. US Bancorp DE raised its holdings in shares of Methanex by 34.2% in the third quarter. US Bancorp DE now owns 13,888 shares of the specialty chemicals company’s stock valued at $574,000 after buying an additional 3,540 shares during the last quarter. Chartwell Investment Partners LLC raised its holdings in shares of Methanex by 27.8% in the third quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock valued at $8,387,000 after buying an additional 44,173 shares during the last quarter. MQS Management LLC purchased a new stake in shares of Methanex in the third quarter valued at about $401,000. PCJ Investment Counsel Ltd. purchased a new stake in shares of Methanex in the third quarter valued at about $471,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Methanex by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock valued at $8,483,000 after buying an additional 8,850 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Company Profile

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.