Methanex (NASDAQ:MEOH) Cut to Sector Perform at Scotiabank

Scotiabank downgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a sector outperform rating to a sector perform rating in a report issued on Monday morning, MarketBeat reports. They currently have $53.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $66.00.

Several other research analysts have also weighed in on MEOH. Barclays upped their target price on shares of Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Raymond James upped their target price on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. CIBC restated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Piper Sandler upped their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.63.

Methanex Trading Up 0.4 %

Shares of Methanex stock opened at $36.68 on Monday. Methanex has a 52-week low of $35.67 and a 52-week high of $56.43. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The company’s 50-day simple moving average is $47.18 and its 200-day simple moving average is $44.77. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 15.88 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. As a group, equities research analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Institutional Trading of Methanex

Institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Methanex during the third quarter valued at approximately $40,000. Parkside Financial Bank & Trust lifted its stake in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Methanex during the fourth quarter valued at approximately $106,000. State of Wyoming purchased a new position in shares of Methanex during the fourth quarter valued at approximately $129,000. Finally, Blue Trust Inc. lifted its stake in shares of Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 371 shares during the period. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.