Methanex Corporation (NASDAQ:MEOH) Receives $68.78 Consensus PT from Brokerages

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has received an average rating of “Hold” from the eleven brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $69.00.

A number of analysts have weighed in on the company. Zacks Research lowered Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Wall Street Zen upgraded Methanex from a “hold” rating to a “buy” rating in a report on Monday. Royal Bank Of Canada reduced their price target on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. JPMorgan Chase & Co. cut Methanex from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $56.00 to $65.00 in a research note on Friday, May 1st. Finally, UBS Group raised their price objective on Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 1st.

Methanex Trading Down 0.2%

NASDAQ MEOH opened at $54.70 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.96. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of -111.63 and a beta of 0.60. The company’s 50-day simple moving average is $55.27 and its two-hundred day simple moving average is $53.77. Methanex has a one year low of $32.00 and a one year high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). The business had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. Methanex’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.30 earnings per share. Equities analysts forecast that Methanex will post 8.27 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.185 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.4%. Methanex’s payout ratio is currently -151.02%.

Institutional Trading of Methanex

A number of institutional investors have recently modified their holdings of the company. Wealth High Governance Capital Ltda purchased a new position in shares of Methanex in the 1st quarter worth approximately $2,507,000. Wealth High Governance Asset Management Ltda. purchased a new stake in Methanex during the first quarter valued at approximately $2,131,000. Bank of America Corp DE lifted its position in Methanex by 202.3% during the first quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock valued at $40,571,000 after acquiring an additional 455,975 shares during the last quarter. Amundi boosted its stake in Methanex by 14.3% in the first quarter. Amundi now owns 76,469 shares of the specialty chemicals company’s stock valued at $4,553,000 after acquiring an additional 9,550 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in Methanex in the first quarter valued at approximately $252,000. 73.49% of the stock is currently owned by institutional investors.

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).