Methanex Corp. (MEOH) Shares Gap Up to $29.95
Methanex Corp. (NASDAQ:MEOH)’s share price gapped up before the market opened on Friday . The stock had previously closed at $29.58, but opened at $29.95. Methanex Corp. shares last traded at $31.59, with a volume of 485,293 shares changing hands.
Several brokerages have recently weighed in on MEOH. Citigroup Inc. reiterated a “hold” rating and set a $31.00 price objective (down previously from $35.00) on shares of Methanex Corp. in a report on Friday, July 15th. Jefferies Group restated a “buy” rating on shares of Methanex Corp. in a report on Wednesday, July 6th. TD Securities upgraded shares of Methanex Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Scotiabank restated an “outperform” rating and issued a $35.00 target price on shares of Methanex Corp. in a report on Wednesday. Finally, CIBC upgraded shares of Methanex Corp. from a “sector perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a report on Tuesday, July 5th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Methanex Corp. has a consensus rating of “Buy” and a consensus price target of $40.95.
The firm’s 50-day moving average price is $28.72 and its 200-day moving average price is $31.07. The company has a market capitalization of $2.84 billion and a PE ratio of 71.70.
Methanex Corp. (NASDAQ:MEOH) last announced its earnings results on Thursday, July 28th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.09. The firm had revenue of $468 million for the quarter, compared to analysts’ expectations of $422.82 million. During the same quarter last year, the firm earned $0.56 earnings per share. The company’s quarterly revenue was down 26.6% on a year-over-year basis. On average, analysts anticipate that Methanex Corp. will post ($0.79) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Wednesday, September 14th.
Methanex Corporation is a producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, and Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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