Methanex Corporation (NASDAQ:MEOH – Get Free Report) (TSE:MX) has received an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $68.5556.
MEOH has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. UBS Group upped their price objective on shares of Methanex from $70.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada dropped their price objective on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. Canadian Imperial Bank of Commerce raised Methanex from a “neutral” rating to a “sector outperform” rating and boosted their target price for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Finally, National Bank Financial set a $70.00 price target on Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th.
Get Our Latest Stock Report on Methanex
Methanex Price Performance
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. The firm’s quarterly revenue was up 75.0% on a year-over-year basis. Equities research analysts expect that Methanex will post 8.6 EPS for the current fiscal year.
Methanex Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio is currently 71.84%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the business. Amundi increased its position in 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 buying an additional 848 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in Methanex during the second quarter worth approximately $419,000. Invesco Ltd. increased its position in shares of Methanex by 15.7% in the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock worth $8,250,000 after purchasing an additional 33,827 shares during the period. AXA S.A. acquired a new position in Methanex in the second quarter valued at about $166,000. Finally, Qube Research & Technologies Ltd lifted its position in Methanex by 327.0% during the second quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock worth $1,565,000 after purchasing an additional 36,211 shares during the period. 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).
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