Methanex (NASDAQ:MEOH) PT Lowered to $62.00 at UBS Group

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective reduced by UBS Group from $64.00 to $62.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

Several other equities analysts have also commented on the stock. Scotiabank upped their price target on shares of Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a research report on Wednesday, July 10th. Jefferies Financial Group upped their price objective on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a report on Monday, June 10th. Finally, Royal Bank of Canada restated a sector perform rating and set a $55.00 price objective on shares of Methanex in a report on Friday, June 28th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Methanex presently has a consensus rating of Moderate Buy and a consensus price target of $56.63.

Methanex Trading Down 6.0 %

Shares of Methanex stock opened at $43.03 on Wednesday. The firm has a market cap of $2.90 billion, a PE ratio of 18.23 and a beta of 1.39. The company has a quick ratio of 0.85, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. Methanex has a fifty-two week low of $38.31 and a fifty-two week high of $56.43. The business’s fifty day moving average is $49.45 and its two-hundred day moving average is $47.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $954.26 million. During the same period last year, the company earned $0.60 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. Analysts anticipate that Methanex will post 2.22 earnings per share for the current year.

Methanex Dividend Announcement

The company 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 of this dividend is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.72%. Methanex’s payout ratio is currently 31.36%.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently bought and sold shares of MEOH. O Shaughnessy Asset Management LLC boosted its holdings in Methanex by 0.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock worth $1,769,000 after purchasing an additional 229 shares during the period. Pinnacle Associates Ltd. raised its position in shares of Methanex by 1.8% during the 1st quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock worth $986,000 after buying an additional 393 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Methanex by 3.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after purchasing an additional 411 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Methanex by 3.6% during the fourth quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock valued at $666,000 after purchasing an additional 492 shares during the last quarter. Finally, Value Partners Investments Inc. boosted its stake in Methanex by 13.3% in the 2nd quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after purchasing an additional 599 shares during the period. 73.49% of the stock is currently owned by hedge funds and other 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.