Methanex Corporation $MEOH Position Raised by Addenda Capital Inc.

Key Points

• Addenda Capital Inc. increased its stake in Methanex Corporation by 27.3% in Q2, now owning approximately 0.26% of the company valued at about $6.7 million.
• Methanex recently reported earnings of $0.97 EPS for the last quarter, surpassing estimates significantly, despite a 13.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.185, with a yield of 1.9%, reflecting a dividend payout ratio of 21.83%.

Addenda Capital Inc. boosted its holdings in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 27.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 203,000 shares of the specialty chemicals company's stock after purchasing an additional 43,532 shares during the period. Addenda Capital Inc. owned approximately 0.26% of Methanex worth $6,719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MEOH. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Methanex during the 2nd quarter worth $33,000. SVB Wealth LLC acquired a new stake in Methanex in the 1st quarter valued at about $38,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Methanex during the 1st quarter worth approximately $55,000. Headlands Technologies LLC acquired a new stake in shares of Methanex during the 1st quarter worth approximately $82,000. Finally, Deutsche Bank AG boosted its stake in Methanex by 19.9% during the 1st quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock worth $106,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Scotiabank set a $50.00 price objective on shares of Methanex and gave the stock a "sector outperform" rating in a research report on Tuesday, August 5th. Royal Bank Of Canada raised shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Friday, August 1st. National Bank Financial assumed coverage on Methanex in a research note on Friday. They issued an "outperform" rating and a $47.00 price objective for the company. Jefferies Financial Group raised their price objective on shares of Methanex from $45.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, National Bankshares set a $47.00 price objective on shares of Methanex and gave the stock an "outperform" rating in a research report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Methanex currently has an average rating of "Buy" and an average target price of $46.00.

Methanex Stock Performance

Shares of MEOH stock opened at $39.76 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The stock has a 50 day moving average price of $35.79 and a two-hundred day moving average price of $34.01. The company has a market capitalization of $3.08 billion, a P/E ratio of 11.73 and a beta of 0.87.

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

Methanex Dividend Announcement

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

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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