Methanex (NASDAQ:MEOH) Sets New 12-Month High – Still a Buy?

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $66.75 and last traded at $62.47, with a volume of 2621262 shares trading hands. The stock had previously closed at $65.22.

Wall Street Analyst Weigh In

MEOH has been the subject of several analyst reports. Zacks Research lowered shares of Methanex from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. UBS Group increased their target price on shares of Methanex from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Jefferies Financial Group raised their target price on shares of Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.36.

Methanex Trading Down 4.2%

The company has a 50 day simple moving average of $51.21 and a two-hundred day simple moving average of $43.04. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06. The firm has a market cap of $4.83 billion, a PE ratio of 55.28 and a beta of 0.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). The firm had revenue of $968.81 million during the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.24 earnings per share. Analysts expect that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. Methanex’s dividend payout ratio (DPR) is currently 65.49%.

Institutional Trading of Methanex

Several large investors have recently made changes to their positions in MEOH. Amundi raised its holdings in shares of Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock worth $800,000 after purchasing an additional 848 shares during the last quarter. Legal & General Group Plc lifted its position in Methanex by 3.2% during the second quarter. Legal & General Group Plc now owns 72,408 shares of the specialty chemicals company’s stock valued at $2,393,000 after purchasing an additional 2,248 shares during the period. Franklin Resources Inc. boosted its holdings in Methanex by 70.9% in the second quarter. Franklin Resources Inc. now owns 11,543 shares of the specialty chemicals company’s stock valued at $382,000 after purchasing an additional 4,788 shares during the last quarter. XTX Topco Ltd acquired a new stake in Methanex during the 2nd quarter worth about $580,000. Finally, Hsbc Holdings PLC acquired a new stake in Methanex during the 2nd quarter worth about $419,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

About Methanex

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).