Methanex Corporation (NASDAQ:MEOH) Receives $66.78 Average Price Target from Analysts

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) have received an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $66.7778.

Several research analysts have issued reports on the stock. Weiss Ratings lowered shares of Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Raymond James Financial raised their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Royal Bank Of Canada raised their price target on shares of Methanex from $65.00 to $70.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Canadian Imperial Bank of Commerce restated a “neutral” rating and set a $69.00 price target on shares of Methanex in a report on Friday, May 1st. Finally, UBS Group raised their price target on shares of Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 1st.

Methanex Stock Up 1.4%

NASDAQ:MEOH opened at $62.00 on Friday. The firm’s 50 day simple moving average is $60.37 and its 200 day simple moving average is $50.06. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.96 and a quick ratio of 1.26. Methanex has a one year low of $31.57 and a one year high of $66.75. The company has a market cap of $4.80 billion, a PE ratio of -126.53 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. During the same quarter in the previous year, the business posted $1.30 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, research analysts anticipate that Methanex will post 6.36 earnings per share for the current year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.185 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.74 annualized dividend and a yield of 1.2%. Methanex’s dividend payout ratio (DPR) is presently -151.02%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Amundi increased its stake in shares of Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after acquiring an additional 848 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Methanex in the 2nd quarter valued at $419,000. Invesco Ltd. increased its stake in shares of Methanex by 15.7% in the 2nd quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after acquiring an additional 33,827 shares in the last quarter. AXA S.A. bought a new stake in shares of Methanex in the 2nd quarter valued at $166,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of Methanex by 327.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock valued at $1,565,000 after acquiring an additional 36,211 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Company Profile

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).