Methanex (NASDAQ:MEOH) Sets New 52-Week Low – Here’s Why

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $35.67 and last traded at $36.80, with a volume of 1693906 shares traded. The stock had previously closed at $42.25.

Analyst Ratings Changes

A number of research firms recently commented on MEOH. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Friday, January 31st. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Piper Sandler increased their price objective on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Raymond James increased their price target on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Finally, Barclays increased their price target on Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 10th. Three equities 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.63.

Methanex Stock Up 0.4 %

The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $2.47 billion, a P/E ratio of 15.88 and a beta of 1.39. The firm has a 50-day moving average price of $47.18 and a two-hundred day moving average price of $44.77.

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 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%. Equities research analysts anticipate that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.185 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 2.02%. Methanex’s dividend payout ratio is 32.03%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently modified their holdings of MEOH. MQS Management LLC bought a new position in Methanex in the third quarter worth $401,000. PCJ Investment Counsel Ltd. bought a new position in Methanex in the third quarter worth $471,000. Charles Schwab Investment Management Inc. lifted its position in Methanex by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock worth $8,483,000 after purchasing an additional 8,850 shares during the period. Cerity Partners LLC lifted its position in Methanex by 19.1% in the third quarter. Cerity Partners LLC now owns 17,844 shares of the specialty chemicals company’s stock worth $738,000 after purchasing an additional 2,863 shares during the period. Finally, Bank of Hawaii lifted its position in Methanex by 4.2% in the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock worth $474,000 after purchasing an additional 465 shares during the period. 73.49% of the stock is owned by institutional investors.

Methanex Company Profile

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.