Methanex (NASDAQ:MEOH) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued a neutral rating and a $33.00 price objective on the specialty chemicals company’s stock.

MEOH has been the subject of a number of other reports. CIBC decreased their target price on Methanex from $47.00 to $44.00 and set an “outperformer” rating for the company in a research report on Monday, May 5th. Wall Street Zen downgraded shares of Methanex from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Raymond James decreased their target price on shares of Methanex from $62.00 to $40.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Barclays decreased their target price on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. Finally, UBS Group decreased their target price on shares of Methanex from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.88.

Methanex Stock Performance

Shares of Methanex stock opened at $33.32 on Tuesday. Methanex has a one year low of $25.46 and a one year high of $54.49. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 14.42 and a beta of 0.93. The business has a 50-day simple moving average of $31.18 and a 200 day simple moving average of $40.44. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The business had revenue of $857.90 million during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the company posted $0.65 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Monday, June 16th. Methanex’s payout ratio is 24.83%.

Institutional Investors Weigh In On Methanex

Institutional investors have recently added to or reduced their stakes in the company. Entropy Technologies LP purchased a new position in shares of Methanex in the 4th quarter worth approximately $240,000. Bank of New York Mellon Corp boosted its stake in shares of Methanex by 4,776.7% in the 4th quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock worth $44,960,000 after buying an additional 881,823 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Methanex in the 4th quarter worth approximately $1,170,000. Parkside Financial Bank & Trust boosted its stake in shares of Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 573 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Methanex by 35.7% in the 4th quarter. US Bancorp DE now owns 18,840 shares of the specialty chemicals company’s stock worth $941,000 after buying an additional 4,952 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

About Methanex

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.