Methanex (NASDAQ:MEOH) Downgraded to “Sector Perform” Rating by Scotiabank

Scotiabank cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a sector outperform rating to a sector perform rating in a report released on Monday, MarketBeat Ratings reports. Scotiabank currently has $53.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $66.00.

A number of other brokerages have also commented on MEOH. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. UBS Group boosted their price target on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Piper Sandler raised their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. CIBC reiterated an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. Finally, Barclays increased their price target on Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, February 10th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Methanex presently has an average rating of “Moderate Buy” and an average price target of $60.63.

Methanex Price Performance

MEOH stock opened at $36.80 on Monday. The stock has a 50-day moving average price of $47.71 and a two-hundred day moving average price of $44.89. Methanex has a 1 year low of $35.67 and a 1 year high of $56.43. The stock has a market cap of $2.48 billion, a PE ratio of 15.93 and a beta of 1.38. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data 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 return on equity of 10.97% and a net margin of 4.41%. Equities analysts forecast that Methanex will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Monday, March 17th. Methanex’s payout ratio is presently 32.03%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently added to or reduced their stakes in MEOH. US Bancorp DE raised its position in shares of 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 purchasing an additional 4,952 shares during the period. Geode Capital Management LLC grew its stake in Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after buying an additional 1,203 shares during the last quarter. Barclays PLC raised its holdings in Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after acquiring an additional 8,047 shares during the period. Blue Trust Inc. lifted its position in Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 371 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Methanex during the third quarter worth approximately $1,092,000. Institutional investors and hedge funds 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.