Methanex (NASDAQ:MEOH) Hits New 52-Week High – Should You Buy?

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company 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.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MEOH shares. Jefferies Financial Group boosted their price target on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Canadian Imperial Bank of Commerce lifted their target price on shares of Methanex from $52.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. Zacks Research downgraded shares of Methanex from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and an average price target of $53.50.

Methanex Trading Down 0.8%

The company has a 50 day moving average of $51.70 and a 200 day moving average of $43.30. 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 stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 52.25 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). The business had revenue of $968.81 million for the quarter, compared to analyst estimates of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. On average, research analysts predict that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were given a dividend of $0.185 per share. The ex-dividend date was Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.3%. Methanex’s payout ratio is presently 65.49%.

Institutional Trading of Methanex

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC acquired a new position in shares of Methanex during the 2nd quarter worth approximately $50,000. Parkside Financial Bank & Trust grew its position in shares of Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after purchasing an additional 1,232 shares in the last quarter. Clearstead Advisors LLC increased its holdings in shares of Methanex by 336.2% in 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 during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Methanex by 131.5% in the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after purchasing an additional 1,410 shares during the last quarter. Finally, AXA S.A. purchased a new position in Methanex during the second quarter worth approximately $166,000. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company 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).