CIBC Lowers Methanex (NASDAQ:MEOH) to Neutral

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CIBC cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from an outperform rating to a neutral rating in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has $53.00 target price on the specialty chemicals company’s stock, down from their previous target price of $70.00.

Other analysts have also issued research reports about the stock. TD Securities raised their price objective on shares of Waste Connections from $88.00 to $94.00 and gave the stock a hold rating in a report on Friday, April 26th. Raymond James began coverage on shares of PennantPark Investment in a report on Monday, April 29th. They set an outperform rating and a $8.00 price objective for the company. Monness Crespi & Hardt reaffirmed a buy rating and set a $69.00 price objective (down previously from $77.00) on shares of Methanex in a report on Thursday, June 27th. Barclays reaffirmed an overweight rating and set a GBX 310 ($4.05) price objective on shares of in a report on Monday, June 24th. Finally, BMO Capital Markets dropped their price objective on shares of Methanex from $70.00 to $65.00 and set an outperform rating for the company in a report on Friday, June 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $68.93.

NASDAQ:MEOH opened at $42.58 on Thursday. Methanex has a 12-month low of $40.43 and a 12-month high of $83.23. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.08 and a quick ratio of 0.77. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 0.83 and a beta of 1.67. The business has a 50-day simple moving average of $44.40.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The company had revenue of $773.00 million during the quarter, compared to analyst estimates of $790.00 million. Methanex had a net margin of 11.84% and a return on equity of 24.89%. The company’s revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the business posted $2.03 earnings per share. Equities research analysts expect that Methanex will post 3.43 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Sunday, June 30th. Investors of record on Sunday, June 16th were issued a $0.36 dividend. The ex-dividend date was Thursday, June 13th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.38%. This is a positive change from Methanex’s previous quarterly dividend of $0.33. Methanex’s dividend payout ratio (DPR) is currently 20.99%.

Several institutional investors have recently modified their holdings of MEOH. Norges Bank acquired a new stake in shares of Methanex in the fourth quarter valued at approximately $49,470,000. FIL Ltd increased its holdings in shares of Methanex by 145.0% in the first quarter. FIL Ltd now owns 1,679,092 shares of the specialty chemicals company’s stock valued at $95,366,000 after purchasing an additional 993,793 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Methanex by 298.6% in the fourth quarter. Millennium Management LLC now owns 635,587 shares of the specialty chemicals company’s stock valued at $30,616,000 after purchasing an additional 476,114 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of Methanex by 82.5% in the first quarter. Fiera Capital Corp now owns 806,944 shares of the specialty chemicals company’s stock valued at $45,820,000 after purchasing an additional 364,841 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Methanex by 66.5% in the fourth quarter. Deutsche Bank AG now owns 637,836 shares of the specialty chemicals company’s stock valued at $30,723,000 after purchasing an additional 254,815 shares in the last quarter. 70.53% of the stock is owned by institutional investors and hedge funds.

About Methanex

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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