Methanex (NASDAQ:MEOH) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $55.00 target price on the specialty chemicals company’s stock.

Several other brokerages also recently commented on MEOH. UBS Group reduced their target price on Methanex from $62.00 to $58.00 and set a buy rating for the company in a research note on Wednesday, August 21st. Piper Sandler upgraded Methanex from a neutral rating to an overweight rating and lifted their target price for the stock from $50.00 to $51.00 in a research note on Wednesday, August 7th. Jefferies Financial Group lifted their target price on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a research note on Monday, June 10th. Finally, Scotiabank lifted their target price on Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a research note on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $56.25.

Methanex Stock Down 4.6 %

MEOH stock opened at $44.52 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The business has a 50 day moving average price of $46.89 and a two-hundred day moving average price of $47.56. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 18.86 and a beta of 1.39. Methanex has a twelve month low of $38.31 and a twelve month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. During the same period last year, the company earned $0.60 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. Analysts anticipate that Methanex will post 2.49 EPS for the current fiscal year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.66%. Methanex’s payout ratio is 31.36%.

Institutional Trading of Methanex

A number of institutional investors have recently modified their holdings of MEOH. Headlands Technologies LLC lifted its position in shares of Methanex by 346.5% during the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after acquiring an additional 700 shares during the period. Larson Financial Group LLC bought a new stake in shares of Methanex during the 1st quarter valued at $45,000. Blue Trust Inc. lifted its position in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after acquiring an additional 1,575 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after acquiring an additional 1,626 shares during the period. Finally, U S Global Investors Inc. bought a new stake in shares of Methanex during the 1st quarter valued at $178,000. 73.49% of the stock is currently owned by institutional investors.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.