Methanex (NASDAQ:MEOH) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) from a hold rating to a buy rating in a research note released on Thursday.

Other research analysts have also recently issued reports about the stock. Barclays lowered their price target on shares of Methanex from $60.00 to $52.00 in a research report on Tuesday, August 2nd. Royal Bank of Canada reduced their price objective on shares of Methanex from $60.00 to $55.00 and set an outperform rating for the company in a research note on Friday, July 29th. Piper Sandler reduced their price objective on shares of Methanex from $48.00 to $40.00 and set an underweight rating for the company in a research note on Friday, July 29th. Jefferies Financial Group raised their price objective on shares of Methanex from $67.00 to $73.00 in a research note on Thursday, June 16th. Finally, UBS Group reduced their price objective on shares of Methanex from $36.00 to $34.00 and set a sell rating for the company in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $51.23.

Methanex Trading Down 0.7 %

Shares of NASDAQ MEOH opened at $31.15 on Thursday. Methanex has a 1 year low of $31.10 and a 1 year high of $56.79. The stock has a market cap of $2.18 billion, a P/E ratio of 4.83 and a beta of 1.66. The firm has a 50-day moving average of $36.82 and a 200 day moving average of $44.76. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.35 and a quick ratio of 1.77.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last issued its quarterly earnings results on Wednesday, July 27th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.69). Methanex had a net margin of 11.10% and a return on equity of 24.76%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.18 billion. As a group, sell-side analysts expect that Methanex will post 4.64 EPS for the current fiscal year.

Methanex Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.175 dividend. This is an increase from Methanex’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.25%. Methanex’s dividend payout ratio (DPR) is presently 10.85%.

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Methanex by 15.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 431,176 shares of the specialty chemicals company’s stock worth $17,053,000 after buying an additional 57,980 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Methanex during the first quarter valued at approximately $6,108,000. Toronto Dominion Bank lifted its holdings in Methanex by 4.2% during the first quarter. Toronto Dominion Bank now owns 103,750 shares of the specialty chemicals company’s stock valued at $5,666,000 after purchasing an additional 4,161 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Methanex by 93.4% during the fourth quarter. Cubist Systematic Strategies LLC now owns 102,538 shares of the specialty chemicals company’s stock valued at $4,056,000 after purchasing an additional 49,524 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Methanex by 415.6% during the fourth quarter. Renaissance Technologies LLC now owns 433,848 shares of the specialty chemicals company’s stock valued at $17,159,000 after purchasing an additional 349,700 shares in the last quarter. Hedge funds and other institutional investors own 72.41% of the company’s stock.

About Methanex

(Get Rating)

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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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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