Brokerages Set Methanex Corporation (NASDAQ:MEOH) PT at $49.90

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) have received an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $50.60.

A number of research analysts have recently commented on the stock. Jefferies Financial Group upped their price target on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Raymond James Financial lifted their target price on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, March 10th. Scotiabank reiterated an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Finally, Royal Bank Of Canada lifted their price target on Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, February 2nd.

Methanex Price Performance

NASDAQ MEOH opened at $51.20 on Friday. The business’s fifty day moving average is $49.07 and its 200 day moving average is $41.73. The company has a market capitalization of $3.96 billion, a PE ratio of 45.31 and a beta of 0.65. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $59.09. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). The business had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned $1.24 EPS. Sell-side analysts predict that Methanex will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.4%. Methanex’s dividend payout ratio (DPR) is currently 65.49%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Methanex by 629.5% during the fourth quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock worth $92,000,000 after acquiring an additional 1,998,763 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Methanex by 249.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock valued at $56,939,000 after buying an additional 1,022,987 shares during the period. Norges Bank purchased a new position in Methanex in the second quarter worth approximately $30,306,000. Boston Partners grew its holdings in shares of Methanex by 686.0% during the 3rd quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock worth $38,277,000 after purchasing an additional 840,831 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. increased its position in shares of Methanex by 66.4% during 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. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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).