Methanex Corporation (NASDAQ:MEOH) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Methanex has a “Moderate Buy” consensus rating from 11 analysts, with six buys and five holds. The average 12-month price target is $68.56, above the reported share price of $58.72.
• The company’s latest quarterly results missed estimates, with EPS of $3.87 versus $4.00 expected and revenue of $1.40 billion versus $1.43 billion forecast, although revenue rose 75% year over year.
• Methanex declared a quarterly dividend of $0.185 per share, equivalent to $0.74 annually and a 1.3% yield. Institutional investors and hedge funds collectively own 73.49% of the company.

Shares of Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX have been given an average recommendation of "Moderate Buy" by the eleven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $68.5556.

Several equities analysts have recently issued reports on MEOH shares. Royal Bank Of Canada reduced their price objective on Methanex from $70.00 to $65.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 29th. Zacks Research lowered shares of Methanex from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. UBS Group lifted their price objective on shares of Methanex from $70.00 to $71.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce raised shares of Methanex from a "neutral" rating to a "sector outperform" rating and lifted their price target for the company from $69.00 to $71.00 in a research report on Monday, July 20th.

Methanex Stock Performance

Shares of MEOH opened at $58.72 on Friday. The stock has a market capitalization of $4.54 billion, a PE ratio of 57.01 and a beta of 0.58. The business's fifty day moving average price is $54.08 and its 200 day moving average price is $56.03. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. Methanex has a 12-month low of $32.00 and a 12-month high of $66.75.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.00 by ($0.13). The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.The company's revenue for the quarter was up 75.0% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. Equities research analysts forecast that Methanex will post 8.6 EPS for the current year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, September 16th. Methanex's dividend payout ratio (DPR) is presently 71.84%.

Hedge Funds Weigh In On Methanex

Hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust acquired a new position in Methanex in the second quarter worth about $38,000. NewEdge Advisors LLC acquired a new position in shares of Methanex during the second quarter valued at $50,000. Clearstead Advisors LLC grew its position in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company's stock worth $71,000 after buying an additional 1,375 shares during the period. State of Wyoming bought a new stake in shares of Methanex during the 2nd quarter valued at $153,000. Finally, Fifth Third Bancorp boosted its stake in Methanex by 1,087.3% during the 1st quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company's stock worth $228,000 after acquiring an additional 3,501 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.

About Methanex

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).

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