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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MEOH shares. Raymond James boosted their price target on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. CIBC reiterated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $66.00 to $53.00 in a research report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research report on Friday, January 31st. Finally, Barclays boosted their price target on shares of Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $60.63.

Methanex Trading Up 0.4 %

The company has a fifty day simple moving average of $47.18 and a 200-day simple moving average of $44.77. 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 stock has a market cap of $2.47 billion, a price-to-earnings ratio of 15.88 and a beta of 1.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results 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%. On average, research analysts forecast that Methanex Co. will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.74 annualized dividend and a yield of 2.02%. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Hedge Funds Weigh In On Methanex

Several institutional investors and hedge funds have recently bought and sold shares of MEOH. Bank of New York Mellon Corp grew its stake in Methanex by 4,776.7% during the 4th quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock valued at $44,960,000 after acquiring an additional 881,823 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in Methanex during the 4th quarter valued at about $38,301,000. Norges Bank purchased a new position in Methanex during the 4th quarter valued at about $34,119,000. Encompass Capital Advisors LLC bought a new stake in shares of Methanex in the 4th quarter valued at approximately $26,835,000. Finally, Raymond James Financial Inc. acquired a new position in Methanex in the fourth quarter worth approximately $14,327,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.