Cyrus Capital Partners L.P. Cuts Stock Position in Methanex Corporation $MEOH

Key Points

• Cyrus Capital Partners cut its Methanex position by 49.7% in the first quarter, selling 81,516 shares and retaining 82,484 shares worth approximately $4.9 million.
• Analyst sentiment remains favorable, with Methanex holding a consensus “Moderate Buy” rating and an average price target of $68.56, above its reported $55.55 share price.
• Methanex reported quarterly revenue growth of 75% year over year, though earnings and revenue slightly missed estimates; the company also declared a quarterly dividend of $0.185 per share.

Cyrus Capital Partners L.P. reduced its position in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 49.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,484 shares of the specialty chemicals company's stock after selling 81,516 shares during the quarter. Methanex accounts for approximately 2.5% of Cyrus Capital Partners L.P.'s holdings, making the stock its 4th biggest holding. Cyrus Capital Partners L.P. owned approximately 0.11% of Methanex worth $4,911,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new position in shares of Methanex during the second quarter valued at approximately $50,000. Clearstead Advisors LLC lifted its stake 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 acquiring an additional 1,375 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company's stock worth $85,000 after acquiring an additional 812 shares during the last quarter. AXA S.A. bought a new stake in shares of Methanex during the 2nd quarter worth approximately $166,000. Finally, Barclays PLC boosted its holdings in Methanex by 115.3% during the 4th quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company's stock valued at $167,000 after acquiring an additional 2,249 shares during the period. Institutional investors own 73.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MEOH. JPMorgan Chase & Co. downgraded Methanex from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $56.00 to $65.00 in a research report on Friday, May 1st. UBS Group lifted their target price on Methanex from $70.00 to $71.00 and gave the stock a "buy" rating in a research report on Friday. Canadian Imperial Bank of Commerce raised shares of Methanex from a "neutral" rating to a "sector outperform" rating and boosted their target price for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Raymond James Financial upped their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Finally, Scotiabank raised their price target on shares of Methanex from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Methanex presently has a consensus rating of "Moderate Buy" and an average price target of $68.56.

Methanex Stock Up 0.6%

Shares of NASDAQ MEOH opened at $55.55 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.26 and a current ratio of 2.07. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 53.93 and a beta of 0.60. The stock has a 50 day moving average price of $54.07 and a 200 day moving average price of $54.47. Methanex Corporation 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 announced 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). The firm 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 firm's revenue for the quarter was up 75.0% compared to the same quarter last year. During the same period last year, the company earned $0.97 EPS. Sell-side analysts expect that Methanex Corporation will post 8.7 earnings per share for the current year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued 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 is currently 71.84%.

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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