Methanex Corporation (NASDAQ:MEOH) Stock Has Average Price Target of $68.56 According to Analysts

Key Points

• Analysts hold a moderately bullish view: Methanex has a “Moderate Buy” consensus from 11 brokerages, with six buys and five holds. The average 12-month price target is $68.56 versus a recent price of $58.68.
• Institutional ownership remains high at 73.49%. Several investors significantly increased their positions during the second quarter, including Engineers Gate Manager LP and Headlands Technologies LLC.
• Methanex reported quarterly EPS of $3.87, narrowly below the $4.00 consensus, while revenue rose 75% year over year to $1.40 billion. The company also pays a $0.185 quarterly dividend, equivalent to a 1.3% yield.

Shares of Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX have been given an average recommendation of "Moderate Buy" by the eleven brokerages that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $68.56.

A number of research analysts recently weighed in on the company. National Bank Financial set a $70.00 target price on Methanex and gave the stock an "outperform" rating in a report on Monday, July 13th. Weiss Ratings raised Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Royal Bank Of Canada cut their price target on Methanex from $70.00 to $65.00 and set a "sector perform" rating for the company in a report on Wednesday, July 1st. Canadian Imperial Bank of Commerce raised shares of Methanex from a "neutral" rating to a "sector outperform" rating and lifted their price objective for the stock from $69.00 to $71.00 in a research report on Monday, July 20th. Finally, UBS Group upped their price objective on shares of Methanex from $70.00 to $71.00 and gave the company a "buy" rating in a report on Friday, July 31st.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Engineers Gate Manager LP boosted its holdings in shares of Methanex by 482.8% during the second quarter. Engineers Gate Manager LP now owns 75,384 shares of the specialty chemicals company's stock worth $3,479,000 after acquiring an additional 62,449 shares during the period. Nykredit A S bought a new position in shares of Methanex during the second quarter worth approximately $83,000. Parkside Financial Bank & Trust bought a new position in shares of Methanex during the second quarter worth approximately $38,000. Readystate Asset Management LP bought a new position in shares of Methanex during the second quarter worth approximately $2,255,000. Finally, Headlands Technologies LLC lifted its holdings in Methanex by 530.8% during the 2nd quarter. Headlands Technologies LLC now owns 29,267 shares of the specialty chemicals company's stock worth $1,351,000 after purchasing an additional 24,627 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

Methanex Trading Down 1.3%

Methanex stock opened at $58.68 on Thursday. The stock has a 50-day simple moving average of $57.89 and a 200 day simple moving average of $57.28. The stock has a market capitalization of $4.54 billion, a P/E ratio of 56.97 and a beta of 0.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. Methanex has a 52 week low of $32.00 and a 52 week high of $66.75.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings data 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). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company earned $0.97 EPS. Methanex's quarterly revenue was up 75.0% on a year-over-year basis. Analysts expect that Methanex will post 8.6 earnings per share for the current year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.1850 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. Methanex's payout ratio is presently 71.84%.

Methanex Company Profile

Methanex Corporation NASDAQ: MEOH is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.

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