Methanex (NASDAQ:MEOH) Raised to Sector Outperform at Scotiabank

Scotiabank upgraded shares of Methanex (NASDAQ:MEOH - Free Report) TSE: MX from a sector perform rating to a sector outperform rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. The firm currently has $53.00 target price on the specialty chemicals company's stock.

MEOH has been the subject of a number of other reports. Raymond James reduced their price target on shares of Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. CIBC reduced their target price on Methanex from $55.00 to $47.00 and set an "outperformer" rating for the company in a research report on Tuesday, April 29th. Piper Sandler cut Methanex from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $71.00 to $36.00 in a report on Monday, April 7th. Royal Bank of Canada dropped their price target on Methanex from $55.00 to $50.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Finally, UBS Group decreased their price objective on shares of Methanex from $53.00 to $51.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Methanex presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.88.

Methanex Stock Performance

Shares of NASDAQ:MEOH traded up $0.03 during midday trading on Monday, reaching $32.37. 609,190 shares of the company traded hands, compared to its average volume of 386,157. The firm's fifty day moving average price is $33.16 and its two-hundred day moving average price is $41.82. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 14.01 and a beta of 0.93. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. Methanex has a 12 month low of $25.46 and a 12 month high of $56.43.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The firm had revenue of $857.90 million for the quarter, compared to analysts' expectations of $1.06 billion. The company's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 earnings per share. On average, equities analysts expect that Methanex will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Monday, June 16th. Methanex's dividend payout ratio (DPR) is presently 24.83%.

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new position in shares of Methanex during the third quarter valued at about $40,000. Parkside Financial Bank & Trust grew its position in Methanex by 39.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company's stock worth $101,000 after acquiring an additional 573 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Methanex in the 4th quarter worth approximately $106,000. State of Wyoming bought a new stake in Methanex in the fourth quarter valued at approximately $129,000. Finally, Blue Trust Inc. boosted its stake in shares of Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock valued at $142,000 after purchasing an additional 371 shares during the period. Institutional investors own 73.49% of the company's stock.

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.