Methanex (NASDAQ:MEOH) Upgraded at Zacks Research

Zacks Research upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. CIBC reaffirmed an “outperform” rating on shares of Methanex in a research report on Monday, November 17th. Raymond James Financial cut shares of Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Scotiabank reiterated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of Methanex from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $33.00 to $38.00 in a research note on Friday, October 31st. Finally, UBS Group upped their target price on Methanex from $48.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Methanex Trading Up 2.4%

Shares of MEOH stock opened at $48.95 on Tuesday. The stock has a market cap of $3.79 billion, a P/E ratio of 16.59 and a beta of 0.73. Methanex has a 1 year low of $25.46 and a 1 year high of $54.49. The company has a current ratio of 2.09, a quick ratio of 1.33 and a debt-to-equity ratio of 0.97. The stock has a 50 day simple moving average of $41.47 and a 200 day simple moving average of $37.91.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.45). The company had revenue of $924.87 million during the quarter, compared to analyst estimates of $977.82 million. Methanex had a net margin of 5.97% and a return on equity of 9.07%. Methanex’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 earnings per share. On average, research analysts predict that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, December 17th. Methanex’s dividend payout ratio is presently 25.08%.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Methanex by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock valued at $108,917,000 after buying an additional 336,316 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock worth $67,577,000 after acquiring an additional 814,877 shares during the period. Bank of New York Mellon Corp boosted its holdings in 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 acquiring an additional 451,728 shares during the last quarter. Mackenzie Financial Corp increased its position in Methanex by 28.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock valued at $51,960,000 after purchasing an additional 343,876 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after purchasing an additional 1,022,987 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.

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).