Methanex (NASDAQ:MEOH) Upgraded by Scotiabank to “Sector Outperform” Rating

Scotiabank upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a sector perform rating to a sector outperform rating in a research report released on Monday morning, MarketBeat reports. The brokerage currently has $53.00 price objective on the specialty chemicals company’s stock.

A number of other research analysts have also issued reports on MEOH. Raymond James decreased their target price on Methanex from $62.00 to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. StockNews.com lowered shares of Methanex from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Royal Bank of Canada decreased their price target on shares of Methanex from $55.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Friday. UBS Group reduced their target price on Methanex from $53.00 to $51.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, Piper Sandler cut Methanex from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $71.00 to $36.00 in a research report on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.88.

Methanex Stock Performance

Shares of NASDAQ:MEOH opened at $31.84 on Monday. Methanex has a one year low of $25.46 and a one year high of $56.43. The firm’s 50 day simple moving average is $33.63 and its 200-day simple moving average is $41.95. The firm has a market cap of $2.15 billion, a PE ratio of 13.78 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The company had revenue of $857.90 million during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. Methanex’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that Methanex will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a yield of 2.32%. Methanex’s payout ratio is 24.83%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in Methanex by 1.2% in the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after acquiring an additional 1,203 shares in the last quarter. Barclays PLC boosted its stake in Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after buying an additional 8,047 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Methanex during the third quarter worth about $40,000. Legacy Wealth Asset Management LLC purchased a new stake in shares of Methanex in the fourth quarter worth about $220,000. Finally, Blue Trust Inc. lifted its stake in shares of Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 371 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

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.