Methanex (NASDAQ:MEOH) Sets New 1-Year Low on Analyst Downgrade

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s share price hit a new 52-week low during mid-day trading on Tuesday after UBS Group lowered their price target on the stock from $66.00 to $53.00. UBS Group currently has a buy rating on the stock. Methanex traded as low as $26.17 and last traded at $27.39, with a volume of 722022 shares. The stock had previously closed at $28.72.

A number of other research analysts also recently issued reports on the company. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Piper Sandler lowered Methanex from an “overweight” rating to a “neutral” rating and cut their target price for the company from $71.00 to $36.00 in a research note on Monday. CIBC decreased their price target on shares of Methanex from $63.00 to $55.00 and set an “outperformer” rating for the company in a research report on Thursday, April 3rd. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $66.00 to $53.00 in a report on Monday, March 10th. Finally, Barclays reduced their price objective on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.63.

Institutional Trading of Methanex

Several large investors have recently bought and sold shares of MEOH. Charles Schwab Investment Management Inc. grew its holdings in shares of Methanex by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock valued at $8,483,000 after buying an additional 8,850 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Methanex during the 3rd quarter worth about $499,000. Centiva Capital LP lifted its position in Methanex by 26.2% during the 3rd quarter. Centiva Capital LP now owns 7,366 shares of the specialty chemicals company’s stock worth $305,000 after acquiring an additional 1,530 shares during the period. Quadrature Capital Ltd purchased a new stake in Methanex during the 3rd quarter valued at about $294,000. Finally, National Bank of Canada FI increased its holdings in shares of Methanex by 41.7% in the third quarter. National Bank of Canada FI now owns 47,523 shares of the specialty chemicals company’s stock valued at $1,964,000 after purchasing an additional 13,976 shares during the period. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Stock Performance

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 stock has a market capitalization of $2.04 billion, a PE ratio of 13.11 and a beta of 1.06. The firm has a 50 day moving average price of $40.20 and a 200-day moving average price of $43.55.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted 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%. Research analysts expect that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 2.44%. The ex-dividend date was Monday, March 17th. Methanex’s payout ratio is 32.03%.

Methanex Company 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.