Methanex (NASDAQ:MEOH) Price Target Cut to $54.00 by Analysts at Raymond James

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective cut by Raymond James from $62.00 to $54.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. They currently have an outperform rating on the specialty chemicals company’s stock. Raymond James also issued estimates for Methanex’s Q3 2024 earnings at $0.52 EPS, Q4 2024 earnings at $1.12 EPS, FY2024 earnings at $2.80 EPS, FY2025 earnings at $4.88 EPS and FY2026 earnings at $5.84 EPS.

Several other equities research analysts have also issued reports on MEOH. UBS Group dropped their price target on Methanex from $62.00 to $58.00 and set a buy rating for the company in a research note on Wednesday, August 21st. Barclays lowered Methanex from an overweight rating to an equal weight rating and lowered their target price for the company from $56.00 to $44.00 in a research note on Tuesday, September 10th. Royal Bank of Canada reissued a sector perform rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Piper Sandler boosted their target price on Methanex from $51.00 to $68.00 and gave the company an overweight rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their target price on Methanex from $56.00 to $60.00 and gave the company a buy rating in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Methanex presently has a consensus rating of Moderate Buy and an average price target of $55.88.

Methanex Trading Up 0.9 %

Shares of MEOH stock opened at $37.74 on Wednesday. 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 business has a 50-day moving average price of $45.50 and a two-hundred day moving average price of $47.28. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43. The firm has a market cap of $2.54 billion, a P/E ratio of 15.99 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results 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 return on equity of 5.44% and a net margin of 4.05%. The firm had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year. Equities analysts anticipate that Methanex will post 2.46 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared 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. This represents a $0.74 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Monday, September 16th. Methanex’s payout ratio is 31.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. M&G Plc purchased a new position in shares of Methanex during the 1st quarter worth approximately $589,459,000. FIL Ltd grew its holdings in shares of Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after acquiring an additional 346,475 shares during the period. Wellington Management Group LLP grew its holdings in shares of Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after acquiring an additional 599,778 shares during the period. Vanguard Group Inc. grew its holdings in shares of Methanex by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after acquiring an additional 43,178 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Methanex by 16.3% during the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after acquiring an additional 159,542 shares during the period. Institutional investors own 73.49% of the company’s stock.

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.