Methanex (NASDAQ:MEOH) Stock Price Down 11.5% – Here’s Why

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) were down 11.5% during trading on Monday . The stock traded as low as $37.49 and last traded at $37.41. Approximately 162,497 shares traded hands during trading, a decline of 50% from the average daily volume of 323,373 shares. The stock had previously closed at $42.25.

Analysts Set New Price Targets

MEOH has been the subject of a number of research reports. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Raymond James raised their target price on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 14th. Barclays upped their price target on Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, February 10th. Scotiabank lowered shares of Methanex from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $66.00 to $53.00 in a report on Monday. Finally, Piper Sandler increased their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $60.63.

Methanex Stock Performance

The firm’s fifty day moving average price is $47.96 and its 200-day moving average price is $44.95. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 15.68 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 issued its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating 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%. Analysts expect that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Institutional Investors Weigh In On Methanex

A number of hedge funds have recently added to or reduced their stakes in MEOH. US Bancorp DE grew its stake in Methanex by 34.2% in the 3rd quarter. US Bancorp DE now owns 13,888 shares of the specialty chemicals company’s stock valued at $574,000 after acquiring an additional 3,540 shares during the last quarter. Chartwell Investment Partners LLC raised its position in Methanex by 27.8% in the third quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock valued at $8,387,000 after purchasing an additional 44,173 shares during the period. MQS Management LLC acquired a new position in Methanex during the 3rd quarter worth approximately $401,000. PCJ Investment Counsel Ltd. acquired a new position in Methanex in the 3rd quarter worth $471,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Methanex by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock valued at $8,483,000 after buying an additional 8,850 shares during the last quarter. 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.