Methanex (NASDAQ:MEOH) Price Target Cut to $41.00 by Analysts at Barclays

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target reduced by Barclays from $57.00 to $41.00 in a report issued on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the specialty chemicals company’s stock.

Other equities research analysts have also recently issued reports about the company. UBS Group increased their price objective on Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Friday, January 31st. Scotiabank lowered shares of Methanex from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $66.00 to $53.00 in a research report on Monday, March 10th. CIBC restated an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. Finally, Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Methanex presently has an average rating of “Moderate Buy” and an average target price of $58.63.

Methanex Stock Performance

NASDAQ:MEOH opened at $34.34 on Tuesday. The firm has a market capitalization of $2.31 billion, a PE ratio of 14.87 and a beta of 1.38. Methanex has a 1 year low of $33.97 and a 1 year high of $56.43. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The firm’s fifty day simple moving average is $43.63 and its 200 day simple moving average is $44.19.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. On average, sell-side analysts anticipate that Methanex will post 4.32 EPS for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.185 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 2.15%. Methanex’s dividend payout ratio is currently 32.03%.

Hedge Funds Weigh In On Methanex

Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE grew its position in Methanex by 35.7% in the fourth quarter. US Bancorp DE now owns 18,840 shares of the specialty chemicals company’s stock valued at $941,000 after acquiring an additional 4,952 shares during the period. Geode Capital Management LLC grew its holdings in shares of Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after purchasing an additional 1,203 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Methanex by 17.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,316 shares of the specialty chemicals company’s stock worth $415,000 after purchasing an additional 1,245 shares during the last quarter. Barclays PLC increased its position in shares of Methanex by 64.9% during the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after purchasing an additional 8,047 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after purchasing an additional 371 shares during the last quarter. 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.