Methanex (NASDAQ:MEOH) Price Target Lowered to $38.00 at Piper Sandler

Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) had its price objective reduced by Piper Sandler from $40.00 to $38.00 in a research note released on Monday morning, The Fly reports. They currently have an underweight rating on the specialty chemicals company’s stock.

Several other equities research analysts have also recently issued reports on MEOH. StockNews.com cut shares of Methanex from a buy rating to a hold rating in a research report on Friday, September 30th. UBS Group dropped their price target on shares of Methanex from $36.00 to $34.00 and set a sell rating for the company in a research note on Thursday, July 28th. Jefferies Financial Group upped their price target on shares of Methanex from $67.00 to $73.00 in a research report on Thursday, June 16th. Scotiabank raised shares of Methanex from a sector perform rating to a sector outperform rating and set a $46.00 price objective for the company in a report on Monday, September 26th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reduced their price objective on shares of Methanex from $55.00 to $50.00 and set an outperform rating for the company in a report on Tuesday, October 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $49.58.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $35.07 on Monday. The company has a market cap of $2.46 billion, a PE ratio of 5.44 and a beta of 1.64. Methanex has a 12 month low of $28.73 and a 12 month high of $56.79. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.35 and a quick ratio of 1.77. The company has a 50-day simple moving average of $35.46 and a 200-day simple moving average of $42.81.

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Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) last released its earnings results on Wednesday, July 27th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.85 by ($0.69). Methanex had a return on equity of 24.76% and a net margin of 11.10%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.18 billion. On average, equities analysts anticipate that Methanex will post 4.64 earnings per share for the current year.

Methanex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, September 15th. This is an increase from Methanex’s previous quarterly dividend of $0.15. Methanex’s payout ratio is presently 10.85%.

Institutional Trading of Methanex

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Methanex in the 1st quarter valued at about $27,000. Van ECK Associates Corp increased its holdings in shares of Methanex by 64.7% in the 1st quarter. Van ECK Associates Corp now owns 779 shares of the specialty chemicals company’s stock valued at $42,000 after purchasing an additional 306 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Methanex by 37.2% in the 1st quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after purchasing an additional 302 shares during the period. C M Bidwell & Associates Ltd. increased its holdings in shares of Methanex by 284.8% in the 1st quarter. C M Bidwell & Associates Ltd. now owns 3,425 shares of the specialty chemicals company’s stock valued at $187,000 after purchasing an additional 2,535 shares during the period. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Methanex in the 2nd quarter valued at about $200,000. Institutional investors and hedge funds own 72.41% of the company’s stock.

About Methanex

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Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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