Shares of Methanex Corporation (NASDAQ:MEOH – Get Free Report) (TSE:MX) traded down 5.7% during trading on Monday . The stock traded as low as $55.90 and last traded at $56.01. 440,228 shares traded hands during trading, a decline of 61% from the average session volume of 1,136,178 shares. The stock had previously closed at $59.39.
Wall Street Analyst Weigh In
Several analysts have recently commented on the stock. Scotiabank lifted their price target on shares of Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating and issued a $69.00 target price on shares of Methanex in a report on Friday, May 1st. Raymond James Financial lifted their target price on shares of Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Jefferies Financial Group lifted their target price on shares of Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Finally, BMO Capital Markets lifted their target price on shares of Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Methanex currently has a consensus rating of “Moderate Buy” and an average price target of $66.78.
Check Out Our Latest Stock Report on MEOH
Methanex Trading Down 5.2%
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.08). The business had revenue of $957.42 million during the quarter, compared to analyst estimates of $964.76 million. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. As a group, research analysts expect that Methanex Corporation will post 8.18 earnings per share for the current fiscal year.
Methanex Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.74 annualized dividend and a yield of 1.3%. Methanex’s dividend payout ratio (DPR) is -151.02%.
Institutional Trading of Methanex
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 336,316 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Methanex by 629.5% during the fourth quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock worth $92,000,000 after purchasing an additional 1,998,763 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its stake in shares of Methanex by 0.4% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,048,214 shares of the specialty chemicals company’s stock worth $81,363,000 after purchasing an additional 7,707 shares in the last quarter. FIL Ltd grew its stake in shares of Methanex by 40.3% during the fourth quarter. FIL Ltd now owns 1,803,108 shares of the specialty chemicals company’s stock worth $71,520,000 after purchasing an additional 518,173 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Methanex by 249.8% during the third 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 in the last quarter. Institutional investors and hedge funds 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).
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