Methanex Corporation (NASDAQ:MEOH) Receives $68.56 Consensus PT from Analysts

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, 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 analysts that have issued ratings on the stock in the last year is $68.5556.

A number of research firms recently commented on MEOH. National Bank Financial set a $70.00 price objective on Methanex and gave the stock an “outperform” rating in a research report on Monday, July 13th. Canadian Imperial Bank of Commerce upgraded shares of Methanex from a “neutral” rating to a “sector outperform” rating and lifted their price target for the stock from $69.00 to $71.00 in a report on Monday, July 20th. Royal Bank Of Canada cut their price objective on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. Wall Street Zen cut Methanex from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Zacks Research lowered Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd.

Methanex Stock Up 2.8%

Shares of Methanex stock opened at $60.39 on Friday. The company has a market cap of $4.67 billion, a P/E ratio of 58.63 and a beta of 0.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. Methanex has a one year low of $32.00 and a one year high of $66.75. The firm has a fifty day moving average of $54.57 and a two-hundred day moving average of $56.23.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm’s revenue was up 75.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS. On average, analysts forecast that Methanex will post 8.6 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, September 16th. Methanex’s payout ratio is currently 71.84%.

Hedge Funds Weigh In On Methanex

Hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust bought a new position in shares of Methanex during the second quarter worth about $38,000. NewEdge Advisors LLC bought a new position in shares of Methanex during the 2nd quarter valued at about $50,000. Clearstead Advisors LLC boosted its position in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after purchasing an additional 1,375 shares in the last quarter. Nykredit A S acquired a new stake in Methanex during the second quarter valued at approximately $83,000. Finally, State of Wyoming purchased a new stake in shares of Methanex during the second quarter valued at $153,000. Hedge funds and other 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).