Methanex (NASDAQ:MEOH) Reaches New 12-Month Low at $37.30

Methanex Co. (NASDAQ:MEOH) (TSE:MX) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $37.30 and last traded at $39.57, with a volume of 150540 shares trading hands. The stock had previously closed at $42.45.

Analysts Set New Price Targets

A number of research firms have recently commented on MEOH. UBS Group dropped their price objective on Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Jefferies Financial Group lifted their price objective on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Barclays downgraded shares of Methanex from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $56.00 to $44.00 in a research report on Tuesday. Piper Sandler raised their price target on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research note on Tuesday, September 3rd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Methanex Stock Down 5.8 %

The firm’s 50 day moving average price is $46.17 and its two-hundred day moving average price is $47.45. The firm has a market capitalization of $2.48 billion, a PE ratio of 15.60 and a beta of 1.36. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.10. The company had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company’s revenue was down 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. As a group, research analysts forecast that Methanex Co. will post 2.49 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s dividend payout ratio (DPR) is currently 31.36%.

Institutional Investors Weigh In On Methanex

Hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC boosted its holdings in Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 700 shares during the period. Larson Financial Group LLC bought a new stake in shares of Methanex during the 1st quarter valued at about $45,000. Blue Trust Inc. raised its stake in Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after acquiring an additional 1,626 shares during the last quarter. Finally, U S Global Investors Inc. acquired a new position in Methanex in the first quarter valued at approximately $178,000. Institutional investors own 73.49% of the company’s stock.

About Methanex

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.