Methanex (NASDAQ:MEOH) Stock Price Breaks Above Two Hundred Day Moving Average – What’s Next?

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $57.27 and traded as high as $60.15. Methanex shares last traded at $59.45, with a volume of 589,262 shares.

Analyst Upgrades and Downgrades

MEOH has been the subject of a number of research analyst reports. National Bank Financial set a $70.00 target price on shares of Methanex and gave the stock an “outperform” rating in a research report on Monday, July 13th. Wall Street Zen downgraded Methanex from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. UBS Group raised their target price on Methanex from $70.00 to $71.00 and gave the company a “buy” rating in a report on Friday, July 31st. Zacks Research downgraded shares of Methanex from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.56.

Methanex Trading Down 0.2%

The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average of $57.89 and a 200 day moving average of $57.28. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 56.85 and a beta of 0.58.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $4.00 by ($0.13). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.The firm’s revenue for the quarter was up 75.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. As a group, research analysts anticipate that Methanex Corporation will post 8.6 EPS for the current year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.1850 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, September 16th. Methanex’s dividend payout ratio (DPR) is currently 71.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in Methanex by 202.3% during the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock worth $40,571,000 after buying an additional 455,975 shares in the last quarter. BlackRock Inc. bought a new position in Methanex in the second quarter valued at about $26,154,000. Norges Bank bought a new stake in Methanex during the 4th quarter worth about $34,872,000. Wealth High Governance Asset Management Ltda. acquired a new position in Methanex during the 1st quarter valued at about $2,131,000. Finally, TD Asset Management Inc boosted its stake in shares of Methanex by 35.2% in the 4th quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company’s stock valued at $37,020,000 after purchasing an additional 242,662 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Company Profile

Methanex Corporation (NASDAQ:MEOH) is a global producer and supplier of methanol, a basic chemical used in the manufacture of formaldehyde, acetic acid, plastics, paints, adhesives, solvents and other products. Methanol is also used in fuel applications, including as a blending component and as a feedstock for the production of other fuels and chemicals.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates an international production and distribution network.