Cyrus Capital Partners L.P. Reduces Stake in Methanex Corporation $MEOH

Cyrus Capital Partners L.P. decreased its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 49.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 82,484 shares of the specialty chemicals company’s stock after selling 81,516 shares during the period. Methanex accounts for about 2.5% of Cyrus Capital Partners L.P.’s portfolio, making the stock its 4th largest position. Cyrus Capital Partners L.P.’s holdings in Methanex were worth $4,911,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. NewEdge Advisors LLC purchased a new stake in shares of Methanex in the 2nd quarter worth approximately $50,000. Clearstead Advisors LLC boosted its stake in shares of Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock valued at $71,000 after purchasing an additional 1,375 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Methanex by 61.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after purchasing an additional 812 shares in the last quarter. AXA S.A. purchased a new position in Methanex during the second quarter valued at approximately $166,000. Finally, Barclays PLC increased its holdings in Methanex by 115.3% during the fourth quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after buying an additional 2,249 shares during the period. Institutional investors own 73.49% of the company’s stock.

Methanex Trading Up 0.6%

Methanex stock opened at $55.55 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.26 and a debt-to-equity ratio of 0.83. Methanex Corporation has a 12 month low of $32.00 and a 12 month high of $66.75. The stock’s 50 day simple moving average is $54.07 and its two-hundred day simple moving average is $54.47. The firm has a market cap of $4.30 billion, a PE ratio of 53.93 and a beta of 0.60.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. Methanex’s revenue for the quarter was up 75.0% compared to the same quarter last year. During the same period last year, the firm earned $0.97 earnings per share. Analysts anticipate that Methanex Corporation will post 8.7 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, September 16th. Methanex’s dividend payout ratio (DPR) is currently 71.84%.

Wall Street Analysts Forecast Growth

MEOH has been the topic of several recent research reports. Canadian Imperial Bank of Commerce raised Methanex from a “neutral” rating to a “sector outperform” rating and increased their target price for the company from $69.00 to $71.00 in a research report on Monday, July 20th. Wall Street Zen raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Scotiabank upped their price objective on shares of Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Royal Bank Of Canada cut their price objective on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. cut shares of Methanex from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $56.00 to $65.00 in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.56.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).