Methanex Corporation $MEOH Shares Purchased by Encompass Capital Advisors LLC

Key Points

• Encompass Capital Advisors LLC increased its stake in Methanex Corporation by 86.0%, owning 999,305 shares valued at approximately $35.07 million after purchasing additional shares during the first quarter.
• Several hedge funds, including Amundi and Cubist Systematic Strategies LLC, also raised their stakes in Methanex, contributing to the institutional ownership of the company reaching 73.49%.
• Methanex recently reported earnings of $0.97 per share, surpassing analysts' expectations, but its revenue of $808.46 million fell short of forecasts of $835.04 million.

Encompass Capital Advisors LLC increased its position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 86.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 999,305 shares of the specialty chemicals company's stock after purchasing an additional 461,954 shares during the quarter. Encompass Capital Advisors LLC owned 1.48% of Methanex worth $35,066,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MEOH. Alberta Investment Management Corp lifted its holdings in Methanex by 1,499.0% in the first quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock valued at $28,671,000 after acquiring an additional 766,000 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in Methanex by 2,409.2% in the first quarter. Cubist Systematic Strategies LLC now owns 581,000 shares of the specialty chemicals company's stock valued at $20,388,000 after acquiring an additional 557,845 shares during the period. Bank of New York Mellon Corp lifted its holdings in Methanex by 41.8% in the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock valued at $44,798,000 after acquiring an additional 376,365 shares during the period. Mackenzie Financial Corp lifted its holdings in Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock valued at $53,770,000 after acquiring an additional 226,349 shares during the period. Finally, Man Group plc lifted its holdings in Methanex by 129.3% in the fourth quarter. Man Group plc now owns 368,539 shares of the specialty chemicals company's stock valued at $18,405,000 after acquiring an additional 207,784 shares during the period. Institutional investors and hedge funds own 73.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MEOH. Raymond James Financial set a $45.00 price target on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. Piper Sandler set a $48.00 price objective on Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. Royal Bank Of Canada upgraded Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Friday, August 1st. CIBC boosted their price objective on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research report on Friday, August 1st. Finally, Scotiabank set a $50.00 price target on Methanex and gave the stock a "sector outperform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex Trading Up 1.0%

NASDAQ:MEOH traded up $0.39 during trading hours on Monday, hitting $39.00. The company had a trading volume of 816,883 shares, compared to its average volume of 544,897. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00. The company has a 50-day moving average of $34.20 and a 200 day moving average of $34.20. The company has a market cap of $3.02 billion, a P/E ratio of 11.50 and a beta of 0.87. Methanex Corporation has a 1 year low of $25.46 and a 1 year high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.55. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The firm had revenue of $808.46 million for the quarter, compared to analyst estimates of $835.04 million. During the same quarter in the prior year, the company earned $0.62 EPS. Methanex's revenue was down 13.4% on a year-over-year basis. Sell-side analysts expect that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.9%. Methanex's payout ratio is 21.83%.

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.