Methanex (NASDAQ:MEOH) Price Target Lowered to $40.00 at Piper Sandler

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) had its price target decreased by Piper Sandler from $48.00 to $40.00 in a report published on Friday, The Fly reports. Piper Sandler currently has an underweight rating on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other reports. Raymond James set a $58.00 price target on shares of Methanex and gave the stock a market perform rating in a research report on Thursday, April 28th. StockNews.com downgraded Methanex from a strong-buy rating to a buy rating in a report on Thursday, May 5th. Alembic Global Advisors reaffirmed a hold rating and set a $40.00 target price on shares of Methanex in a report on Monday, May 9th. Barclays lowered their price target on shares of Methanex from $63.00 to $60.00 and set an overweight rating on the stock in a report on Monday, July 11th. Finally, Jefferies Financial Group lifted their price objective on shares of Methanex from $67.00 to $73.00 in a report on Thursday, June 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $51.85.

Methanex Stock Down 2.6 %

NASDAQ:MEOH opened at $36.22 on Friday. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 5.62 and a beta of 1.67. The company has a current ratio of 2.35, a quick ratio of 1.77 and a debt-to-equity ratio of 0.90. Methanex has a twelve month low of $29.61 and a twelve month high of $56.79. The stock has a fifty day simple moving average of $42.23 and a 200-day simple moving average of $47.73.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last posted its earnings results on Wednesday, July 27th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.85 by ($0.69). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Methanex had a net margin of 11.10% and a return on equity of 24.76%. Analysts anticipate that Methanex will post 6.92 EPS for the current year.

Methanex Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be issued a $0.175 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from Methanex’s previous quarterly dividend of $0.15. Methanex’s dividend payout ratio is presently 8.99%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Qube Research & Technologies Ltd acquired a new stake in shares of Methanex in the fourth quarter valued at approximately $542,000. Quadrant Capital Group LLC grew its position in Methanex by 9.7% in the 4th quarter. Quadrant Capital Group LLC now owns 3,846 shares of the specialty chemicals company’s stock valued at $152,000 after buying an additional 339 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Methanex by 52.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,644 shares of the specialty chemicals company’s stock worth $415,000 after buying an additional 3,664 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Methanex by 21.6% during the fourth quarter. Toronto Dominion Bank now owns 99,589 shares of the specialty chemicals company’s stock worth $3,940,000 after acquiring an additional 17,677 shares during the period. Finally, Hillsdale Investment Management Inc. lifted its position in Methanex by 136.2% in the fourth quarter. Hillsdale Investment Management Inc. now owns 296,418 shares of the specialty chemicals company’s stock valued at $11,741,000 after purchasing an additional 170,918 shares during the period. 91.37% of the stock is owned by hedge funds and other institutional investors.

Methanex Company Profile

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Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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