Methanex (NASDAQ:MEOH) Shares Pass Above 200-Day Moving Average Following Analyst Downgrade

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)’s stock price passed above its 200-day moving average during trading on Friday after Royal Bank Of Canada raised their price target on the stock from $50.00 to $55.00. The stock has a 200-day moving average of $38.53 and traded as high as $48.17. Royal Bank Of Canada currently has an outperform rating on the stock. Methanex shares last traded at $47.23, with a volume of 527,949 shares traded.

A number of other brokerages also recently commented on MEOH. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Scotiabank reissued an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Methanex in a research note on Monday, November 17th. Raymond James Financial lowered shares of Methanex from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. Finally, JPMorgan Chase & Co. upgraded shares of Methanex from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $33.00 to $38.00 in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.25.

Hedge Funds Weigh In On Methanex

A number of institutional investors have recently modified their holdings of MEOH. CWM LLC acquired a new position in shares of Methanex during the second quarter worth about $33,000. NewEdge Advisors LLC purchased a new stake in Methanex during the 2nd quarter worth $50,000. Parkside Financial Bank & Trust boosted its position in Methanex by 1,244.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 1,232 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after acquiring an additional 1,410 shares in the last quarter. Finally, AXA S.A. acquired a new position in shares of Methanex in the second quarter worth about $166,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.09 and a quick ratio of 1.33. The business has a fifty day moving average of $43.08 and a 200 day moving average of $38.56. The stock has a market cap of $3.65 billion, a PE ratio of 16.01 and a beta of 0.68.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 25.08%.

About Methanex

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).