Methanex Corporation (NASDAQ:MEOH) to Issue Quarterly Dividend of $0.19

Key Points

• Methanex declared a quarterly dividend of $0.185 per share (annualized $0.74) payable June 30 to holders of record on June 16, with a yield of about 1.2% and a payout ratio near 20%, and the company has raised its dividend each year for the past four years.
• The company reported Q1 EPS of $0.30, missing estimates by $0.05 while revenue rose 8.7% YoY to $957.4M; the stock traded near $64 and analysts collectively rate Methanex a “Moderate Buy” with a consensus price target of about $59.20 after several target upgrades.

Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX declared a quarterly dividend on Wednesday, April 29th. Investors of record on Tuesday, June 16th will be paid a dividend of 0.185 per share by the specialty chemicals company on Tuesday, June 30th. This represents a c) annualized dividend and a yield of 1.2%. The ex-dividend date is Tuesday, June 16th.

Methanex has increased its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 4 years. Methanex has a dividend payout ratio of 20.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Methanex to earn $4.92 per share next year, which means the company should continue to be able to cover its $0.74 annual dividend with an expected future payout ratio of 15.0%.

Methanex Trading Up 1.4%

NASDAQ:MEOH traded up $0.86 during trading hours on Thursday, hitting $64.17. 391,063 shares of the company were exchanged, compared to its average volume of 1,264,757. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 56.76 and a beta of 0.56. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. Methanex has a one year low of $30.33 and a one year high of $66.75. The company has a fifty day simple moving average of $56.15 and a 200 day simple moving average of $46.15.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings data on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.05). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business had revenue of $957.42 million during the quarter, compared to the consensus estimate of $959.28 million. During the same period last year, the business posted $1.30 earnings per share. The business's revenue was up 8.7% on a year-over-year basis. Sell-side analysts expect that Methanex will post 5.96 EPS for the current fiscal year.

Analysts Set New Price Targets

MEOH has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their target price on Methanex from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, March 11th. UBS Group boosted their target price on Methanex from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Canadian Imperial Bank of Commerce boosted their target price on Methanex from $52.00 to $59.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Raymond James Financial upped their price objective on Methanex from $52.00 to $65.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Finally, Zacks Research upgraded Methanex from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $59.20.

Methanex Company Profile

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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