UBS Group Cuts Methanex (NASDAQ:MEOH) Price Target to $54.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective lowered by UBS Group from $58.00 to $54.00 in a research report sent to investors on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group increased their price target on Methanex from $56.00 to $60.00 and gave the stock a buy rating in a report on Monday, June 10th. Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an outperform rating on the stock in a report on Wednesday, September 11th. Royal Bank of Canada restated a sector perform rating and set a $55.00 price target on shares of Methanex in a report on Tuesday, September 3rd. Scotiabank increased their price target on Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Wednesday, July 10th. Finally, Piper Sandler increased their price target on Methanex from $51.00 to $68.00 and gave the stock an overweight rating in a report on Tuesday, September 10th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $55.38.

Methanex Stock Performance

NASDAQ:MEOH opened at $39.53 on Monday. The company has a market capitalization of $2.66 billion, a PE ratio of 16.75 and a beta of 1.36. The company has a 50 day simple moving average of $44.95 and a two-hundred day simple moving average of $47.16. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The business had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. Research analysts anticipate that Methanex will post 2.46 earnings per share for the current year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 yield of 1.87%. The ex-dividend date is Monday, September 16th. Methanex’s dividend payout ratio (DPR) is presently 31.36%.

Hedge Funds Weigh In On Methanex

Several large investors have recently bought and sold shares of MEOH. M&G Plc bought a new position in Methanex during the 1st quarter valued at $589,459,000. Norges Bank bought a new position in Methanex during the 4th quarter valued at $34,109,000. Wellington Management Group LLP lifted its stake in Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after acquiring an additional 599,778 shares in the last quarter. Vanguard Group Inc. lifted its stake in Methanex by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after acquiring an additional 425,104 shares in the last quarter. Finally, FIL Ltd lifted its stake in Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after acquiring an additional 346,475 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors.

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.