Methanex (NASDAQ:MEOH) Hits New 52-Week High – Time to Buy?

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $66.75 and last traded at $62.47, with a volume of 2621262 shares trading hands. The stock had previously closed at $65.22.

Analysts Set New Price Targets

Several analysts recently commented on MEOH shares. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Jefferies Financial Group upped their price objective on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Zacks Research cut shares of Methanex from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. BMO Capital Markets lifted their target price on shares of Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.36.

Methanex Trading Down 4.2%

The stock has a market cap of $4.83 billion, a PE ratio of 55.28 and a beta of 0.65. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06. The company has a 50 day moving average of $51.21 and a two-hundred day moving average of $43.04.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business had revenue of $968.81 million for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company posted $1.24 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.2%. Methanex’s dividend payout ratio (DPR) is 65.49%.

Institutional Investors Weigh In On Methanex

Several institutional investors and hedge funds have recently added to or reduced their stakes in MEOH. Parkside Financial Bank & Trust raised its position in Methanex by 1,244.4% during the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after acquiring an additional 1,232 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of Methanex in the second quarter valued at about $50,000. Clearstead Advisors LLC increased 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 worth $71,000 after purchasing an additional 1,375 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after purchasing an additional 1,410 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Methanex by 115.3% during the 4th quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock worth $167,000 after purchasing an additional 2,249 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

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).