Q3 2016 EPS Estimates for Methanex Corp. (MEOH) Lowered by Raymond James Financial
Methanex Corp. (NASDAQ:MEOH) – Stock analysts at Raymond James Financial decreased their Q3 2016 earnings per share (EPS) estimates for Methanex Corp. in a research note issued on Monday. Raymond James Financial analyst S. Hansen now expects that the brokerage will earn ($0.16) per share for the quarter, down from their prior forecast of ($0.10). Raymond James Financial has a “Outperform” rating and a $40.00 price objective on the stock. Raymond James Financial also issued estimates for Methanex Corp.’s FY2016 earnings at ($0.79) EPS, Q1 2017 earnings at $0.32 EPS, Q3 2017 earnings at $0.39 EPS and Q4 2017 earnings at $0.65 EPS.
MEOH has been the topic of several other research reports. Jefferies Group reiterated a “buy” rating and issued a $41.00 price target on shares of Methanex Corp. in a research note on Wednesday, June 15th. Zacks Investment Research cut shares of Methanex Corp. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 28th. Citigroup Inc. reiterated a “hold” rating and issued a $31.00 price target (down previously from $35.00) on shares of Methanex Corp. in a research note on Friday, July 15th. Cowen and Company decreased their price target on shares of Methanex Corp. from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Thursday, August 4th. Finally, TD Securities upgraded shares of Methanex Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Methanex Corp. currently has an average rating of “Buy” and an average price target of $39.45.
Methanex Corp. (NASDAQ:MEOH) traded up 3.37% during mid-day trading on Wednesday, hitting $35.26. 220,452 shares of the stock were exchanged. Methanex Corp. has a 52 week low of $22.73 and a 52 week high of $44.95. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 79.95 and a beta of 2.00. The company’s 50-day moving average price is $30.73 and its 200 day moving average price is $30.91.
Methanex Corp. (NASDAQ:MEOH) last posted its earnings results on Thursday, July 28th. The company reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.09. The firm had revenue of $468 million for the quarter, compared to analysts’ expectations of $422.82 million. Methanex Corp. had a return on equity of 2.10% and a net margin of 3.22%. The business’s revenue for the quarter was down 26.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.56 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a $0.275 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.22%. Methanex Corp.’s dividend payout ratio is currently 305.56%.
A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Methanex Corp. by 37.2% in the second quarter. Bank of New York Mellon Corp now owns 3,818,016 shares of the company’s stock worth $111,105,000 after buying an additional 1,036,091 shares in the last quarter. Guardian Capital LP increased its position in shares of Methanex Corp. by 28.6% in the second quarter. Guardian Capital LP now owns 4,178,422 shares of the company’s stock worth $120,737,000 after buying an additional 928,549 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Methanex Corp. during the second quarter worth approximately $24,598,000. Fiera Capital Corp increased its position in shares of Methanex Corp. by 59.9% in the second quarter. Fiera Capital Corp now owns 1,617,442 shares of the company’s stock worth $46,844,000 after buying an additional 605,680 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Methanex Corp. during the second quarter worth approximately $17,255,000. Institutional investors and hedge funds own 87.01% of the company’s stock.
About Methanex Corp.
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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