Encompass Capital Advisors LLC Grows Holdings in Methanex Corporation $MEOH

Encompass Capital Advisors LLC boosted its position in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 11.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,118,102 shares of the specialty chemicals company’s stock after purchasing an additional 118,797 shares during the period. Methanex comprises 1.4% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 23rd biggest position. Encompass Capital Advisors LLC owned approximately 1.45% of Methanex worth $37,009,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of MEOH. Acadian Asset Management LLC raised its stake in shares of Methanex by 225,333.3% during the 1st quarter. Acadian Asset Management LLC now owns 33,815 shares of the specialty chemicals company’s stock worth $1,183,000 after purchasing an additional 33,800 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. increased its holdings in Methanex by 75.4% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 794,279 shares of the specialty chemicals company’s stock worth $26,352,000 after buying an additional 341,336 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Methanex by 37.6% in the second quarter. Dynamic Technology Lab Private Ltd now owns 27,510 shares of the specialty chemicals company’s stock worth $911,000 after acquiring an additional 7,510 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its stake in Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after acquiring an additional 814,877 shares during the last quarter. Finally, PCJ Investment Counsel Ltd. bought a new position in shares of Methanex during the 2nd quarter valued at approximately $3,982,000. Institutional investors own 73.49% of the company’s stock.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $39.39 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The stock has a market cap of $3.05 billion, a PE ratio of 13.35 and a beta of 0.77. The stock has a fifty day moving average of $36.45 and a 200-day moving average of $35.70.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.45). The company had revenue of $924.87 million during the quarter, compared to the consensus estimate of $977.82 million. Methanex had a return on equity of 9.07% and a net margin of 5.97%.The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 EPS. Equities research analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.9%. Methanex’s payout ratio is currently 25.08%.

Wall Street Analyst Weigh In

A number of research firms recently commented on MEOH. Scotiabank lowered their price target on shares of Methanex from $50.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Monday, November 3rd. Jefferies Financial Group raised their target price on Methanex from $45.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. National Bankshares set a $47.00 price target on Methanex and gave the company an “outperform” rating in a research report on Thursday, September 25th. JPMorgan Chase & Co. raised Methanex from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $33.00 to $38.00 in a report on Friday, October 31st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Methanex in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.55.

Methanex Profile

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.