Methanex (NASDAQ:MEOH) Downgraded by Piper Sandler

Piper Sandler lowered shares of Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) from a neutral rating to an underweight rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. Piper Sandler currently has $48.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $49.00.

Other equities analysts have also recently issued reports about the company. Alembic Global Advisors restated a hold rating and set a $40.00 target price on shares of Methanex in a report on Monday, May 9th. Royal Bank of Canada raised their target price on Methanex from $60.00 to $65.00 and gave the company an outperform rating in a report on Friday, April 1st. TheStreet upgraded Methanex from a c+ rating to a b- rating in a report on Monday, January 31st. Barclays raised their target price on Methanex from $60.00 to $63.00 in a report on Monday, May 2nd. Finally, Raymond James set a $58.00 target price on Methanex and gave the company a market perform rating in a report on Thursday, April 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $52.23.

Shares of NASDAQ:MEOH opened at $47.44 on Tuesday. The business has a 50-day moving average price of $52.67 and a 200 day moving average price of $47.59. The company has a current ratio of 2.28, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 7.47 and a beta of 1.71. Methanex has a 12-month low of $29.61 and a 12-month high of $56.79.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last issued its quarterly earnings data on Wednesday, April 27th. The specialty chemicals company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.16. Methanex had a return on equity of 27.41% and a net margin of 10.87%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned $1.07 EPS. The company’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts predict that Methanex will post 6.22 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Thursday, June 16th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Wednesday, June 15th. This is a positive change from Methanex’s previous quarterly dividend of $0.13. Methanex’s dividend payout ratio (DPR) is 7.87%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. FIL Ltd raised its position in shares of Methanex by 26.8% during the 3rd quarter. FIL Ltd now owns 8,738,774 shares of the specialty chemicals company’s stock worth $402,718,000 after acquiring an additional 1,845,523 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Methanex by 4.7% during the 3rd quarter. Wellington Management Group LLP now owns 5,281,178 shares of the specialty chemicals company’s stock worth $243,211,000 after acquiring an additional 239,169 shares in the last quarter. Royal Bank of Canada raised its position in shares of Methanex by 46.7% during the 3rd quarter. Royal Bank of Canada now owns 1,872,859 shares of the specialty chemicals company’s stock worth $86,226,000 after acquiring an additional 596,022 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Methanex by 60.7% during the 1st quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock worth $89,072,000 after acquiring an additional 616,146 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Methanex by 6.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,301,002 shares of the specialty chemicals company’s stock worth $59,883,000 after buying an additional 84,049 shares during the period. 91.37% of the stock is currently owned by institutional investors and hedge funds.

About Methanex (Get Rating)

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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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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