Methanex Corp. (MEOH) Downgraded to “Outperform” at Raymond James Financial Inc.
Raymond James Financial Inc. downgraded shares of Methanex Corp. (NASDAQ:MEOH) from a strong-buy rating to an outperform rating in a research report report published on Monday. The brokerage currently has $40.00 price target on the stock, up from their prior price target of $37.00.
Several other equities analysts also recently commented on MEOH. Jefferies Group reiterated a buy rating and set a $41.00 price target on shares of Methanex Corp. in a report on Wednesday, June 15th. Royal Bank Of Canada reiterated a sector perform rating and set a $48.50 price target on shares of Methanex Corp. in a report on Monday, June 6th. Citigroup Inc. reiterated a hold rating and set a $31.00 price target (down previously from $35.00) on shares of Methanex Corp. in a report on Friday, July 15th. Zacks Investment Research downgraded Methanex Corp. from a hold rating to a strong sell rating in a report on Tuesday, June 28th. Finally, Cowen and Company lowered their price target on Methanex Corp. from $43.00 to $40.00 and set an outperform rating on the stock in a report on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $39.45.
Shares of Methanex Corp. (NASDAQ:MEOH) opened at 36.06 on Monday. The firm’s 50 day moving average is $31.14 and its 200-day moving average is $30.98. Methanex Corp. has a one year low of $22.73 and a one year high of $44.95. The firm has a market capitalization of $3.24 billion, a PE ratio of 81.77 and a beta of 2.00.
Methanex Corp. (NASDAQ:MEOH) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.25) by $0.09. The business had revenue of $468 million for the quarter, compared to the consensus estimate of $422.82 million. Methanex Corp. had a net margin of 3.22% and a return on equity of 2.10%. Methanex Corp.’s revenue was down 26.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.56 EPS. On average, equities research analysts predict that Methanex Corp. will post ($0.76) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.05%. Methanex Corp.’s dividend payout ratio is currently 305.56%.
Large investors have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in Methanex Corp. during the second quarter worth $109,000. Polaris Capital Management LLC boosted its position in shares of Methanex Corp. by 19.7% in the second quarter. Polaris Capital Management LLC now owns 4,250 shares of the company’s stock worth $124,000 after buying an additional 700 shares during the last quarter. First Interstate Bank boosted its position in shares of Methanex Corp. by 19.2% in the second quarter. First Interstate Bank now owns 5,250 shares of the company’s stock worth $153,000 after buying an additional 845 shares during the last quarter. Citigroup Inc. boosted its position in shares of Methanex Corp. by 104.6% in the second quarter. Citigroup Inc. now owns 6,045 shares of the company’s stock worth $175,000 after buying an additional 137,805 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Methanex Corp. during the second quarter worth about $243,000. Hedge funds and other institutional investors 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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