Graham Capital Management L.P. Grows Position in Methanex Corporation $MEOH

Key Points

• Graham Capital Management L.P. has significantly increased its stake in Methanex Corporation by 735.6%, now owning approximately 43,009 shares valued at around $1.51 million.
• Methanex reported earnings of $0.97 per share for the recent quarter, surpassing analysts’ expectations of $0.42, despite a 13.4% drop in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.185 per share, which will be paid on September 30th, representing an annual yield of 2.1%.

Graham Capital Management L.P. boosted its stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 735.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,009 shares of the specialty chemicals company's stock after purchasing an additional 37,862 shares during the quarter. Graham Capital Management L.P. owned about 0.06% of Methanex worth $1,509,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MEOH. SVB Wealth LLC purchased a new stake in Methanex in the first quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in Methanex during the first quarter worth approximately $55,000. Headlands Technologies LLC purchased a new stake in Methanex during the first quarter worth approximately $82,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Methanex during the fourth quarter worth approximately $106,000. Finally, Deutsche Bank AG grew its stake in Methanex by 19.9% during the first quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock worth $106,000 after buying an additional 500 shares during the period. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Price Performance

MEOH opened at $35.35 on Wednesday. The company has a fifty day simple moving average of $34.04 and a 200 day simple moving average of $34.47. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 10.43 and a beta of 0.87. Methanex Corporation has a twelve month low of $25.46 and a twelve month high of $54.49. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00.

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

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, September 16th. Methanex's dividend payout ratio is 21.83%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MEOH shares. CIBC boosted their price objective on shares of Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Royal Bank Of Canada upgraded shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Friday, August 1st. UBS Group decreased their price objective on shares of Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Raymond James Financial set a $45.00 price objective on shares of Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Methanex in a research note on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.88.

About Methanex

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.

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