Methanex Corporation (NASDAQ:MEOH) Given Consensus Rating of “Moderate Buy” by Brokerages

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has been given an average rating of “Moderate Buy” by the twelve ratings firms that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $55.50.

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada downgraded shares of Methanex from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $55.00 to $65.00 in a research report on Thursday, April 2nd. Raymond James Financial increased their price target on Methanex from $45.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday, March 10th. BMO Capital Markets lifted their price objective on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, March 18th. Scotiabank restated an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Finally, UBS Group upped their target price on Methanex from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $57.59 on Thursday. Methanex has a twelve month low of $26.47 and a twelve month high of $66.75. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. The company has a market cap of $4.46 billion, a PE ratio of 50.96 and a beta of 0.56. The company’s 50 day moving average is $53.99 and its 200 day moving average is $44.74.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.81 by ($0.95). The business had revenue of $968.81 million during the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned $1.24 earnings per share. On average, sell-side analysts forecast that Methanex will post 4.32 EPS for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, March 17th. Methanex’s dividend payout ratio is currently 65.49%.

Hedge Funds Weigh In On Methanex

Several institutional investors have recently made changes to their positions in MEOH. NewEdge Advisors LLC increased its holdings in Methanex by 33.3% in the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Value Partners Investments Inc. boosted its stake in shares of Methanex by 3.0% during the 3rd quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock worth $789,000 after acquiring an additional 570 shares in the last quarter. Parkside Financial Bank & Trust grew its position in shares of Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after acquiring an additional 812 shares during the period. Franklin Resources Inc. grew its position in shares of Methanex by 8.2% during the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock valued at $425,000 after acquiring an additional 813 shares during the period. Finally, Amundi increased its stake in shares of Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

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).