Methanex (NASDAQ:MEOH) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note published on Tuesday, Benzinga reports. The firm currently has a $55.00 price objective on the specialty chemicals company’s stock.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group increased their target price on Methanex from $56.00 to $60.00 and gave the company a buy rating in a research note on Monday, June 10th. Piper Sandler upgraded Methanex from a neutral rating to an overweight rating and increased their price target for the stock from $50.00 to $51.00 in a report on Wednesday, August 7th. UBS Group lowered their price target on Methanex from $62.00 to $58.00 and set a buy rating for the company in a report on Wednesday, August 21st. Finally, Scotiabank increased their price target on Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $56.25.

Methanex Trading Down 5.6 %

NASDAQ:MEOH opened at $42.45 on Tuesday. Methanex has a 1-year low of $38.31 and a 1-year high of $56.43. The business’s 50-day moving average price is $46.57 and its two-hundred day moving average price is $47.47. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 17.99 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm had revenue of $920.00 million for the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts expect that Methanex will post 2.49 earnings per share for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.74%. Methanex’s payout ratio is presently 31.36%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MEOH. Headlands Technologies LLC grew its holdings in shares of Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after buying an additional 700 shares in the last quarter. Larson Financial Group LLC bought a new position in Methanex in the first quarter valued at approximately $45,000. Blue Trust Inc. grew its stake in Methanex by 52,500.0% in the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after purchasing an additional 1,575 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 1,626 shares in the last quarter. Finally, U S Global Investors Inc. bought a new position in Methanex in the first quarter valued at approximately $178,000. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

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.