Scotiabank Reiterates "$50.00" Price Target for Methanex (NASDAQ:MEOH)

Key Points

• Scotiabank has lowered its price target for Methanex (NASDAQ:MEOH) from $53.00 to $50.00, indicating a potential upside of 48.74% from the current stock price.
• The company reported earnings of $0.97 EPS, surpassing estimates by $0.55, despite a year-over-year revenue decline of 13.4% to $808.46 million.
• Currently, Methanex has an average rating of "Moderate Buy" among analysts, with a consensus target price of $44.88.

Scotiabank set a $50.00 price objective on Methanex (NASDAQ:MEOH - Free Report) TSE: MX in a report issued on Tuesday, Marketbeat.com reports. The firm currently has a sector outperform rating on the specialty chemicals company's stock. Scotiabank also issued estimates for Methanex's FY2025 earnings at $4.07 EPS and FY2026 earnings at $4.61 EPS.

MEOH has been the topic of a number of other research reports. Wall Street Zen lowered shares of Methanex from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. CIBC increased their price target on shares of Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Royal Bank Of Canada raised shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a report on Friday, August 1st. Raymond James Financial set a $45.00 price target on shares of Methanex and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Piper Sandler set a $48.00 price target on shares of Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex Stock Performance

Methanex stock traded up $0.58 during mid-day trading on Tuesday, reaching $33.11. 427,207 shares of the company traded hands, compared to its average volume of 552,541. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 9.77 and a beta of 0.93. The firm's fifty day moving average is $34.06 and its two-hundred day moving average is $36.30.

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

Methanex Dividend Announcement

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 issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio (DPR) is presently 21.83%.

Hedge Funds Weigh In On Methanex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Methanex by 3.0% in the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company's stock worth $166,384,000 after buying an additional 95,950 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Methanex by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,131,471 shares of the specialty chemicals company's stock valued at $74,740,000 after acquiring an additional 14,611 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Methanex by 35.4% in the second quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company's stock valued at $57,209,000 after purchasing an additional 451,728 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Methanex by 13.7% in the first quarter. Mackenzie Financial Corp now owns 1,224,388 shares of the specialty chemicals company's stock valued at $42,931,000 after purchasing an additional 147,195 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Methanex by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company's stock valued at $52,334,000 after purchasing an additional 50,075 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

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.