Methanex (NASDAQ:MEOH) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $55.00 price target on the specialty chemicals company’s stock.

A number of other equities research analysts have also recently issued reports on the company. UBS Group cut their target price on Methanex from $62.00 to $58.00 and set a buy rating on the stock in a research note on Wednesday, August 21st. Jefferies Financial Group raised their price target on Methanex from $56.00 to $60.00 and gave the company a buy rating in a report on Monday, June 10th. Piper Sandler raised Methanex from a neutral rating to an overweight rating and lifted their target price for the stock from $50.00 to $51.00 in a report on Wednesday, August 7th. Finally, Scotiabank lifted their target price on Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $56.25.

Methanex Stock Performance

Shares of MEOH opened at $44.52 on Tuesday. The business’s fifty day moving average price is $46.89 and its 200 day moving average price is $47.56. Methanex has a 12-month low of $38.31 and a 12-month high of $56.43. The stock has a market capitalization of $3.00 billion, a PE ratio of 18.86 and a beta of 1.39. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The company had revenue of $920.00 million for the quarter, compared to analysts’ expectations of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Equities research analysts forecast that Methanex will post 2.49 EPS for the current year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 dividend yield of 1.66%. The ex-dividend date is Monday, September 16th. Methanex’s dividend payout ratio is presently 31.36%.

Institutional Trading of Methanex

Institutional investors and hedge funds have recently modified their holdings of the company. AGF Management Ltd. acquired a new stake in Methanex in the 4th quarter valued at $5,209,000. Dimensional Fund Advisors LP boosted its stake in Methanex by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 908,008 shares of the specialty chemicals company’s stock worth $43,004,000 after purchasing an additional 15,190 shares in the last quarter. Norges Bank acquired a new position in Methanex in the fourth quarter worth $34,109,000. Clearbridge Investments LLC acquired a new position in Methanex in the fourth quarter worth $2,093,000. Finally, Trexquant Investment LP lifted its stake in shares of Methanex by 35.1% during the fourth quarter. Trexquant Investment LP now owns 8,059 shares of the specialty chemicals company’s stock valued at $382,000 after acquiring an additional 2,094 shares during the period. 73.49% of the stock is currently owned by 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.