BMO Capital Markets Reiterates “Buy” Rating for Methanex Corp. (MEOH)
Methanex Corp. (NASDAQ:MEOH) (TSE:MX)‘s stock had its “buy” rating reiterated by analysts at BMO Capital Markets in a research note issued to investors on Monday.
Several other analysts have also recently commented on MEOH. Cowen and Company decreased their target price on Methanex Corp. from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, August 4th. Scotiabank reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Methanex Corp. in a research report on Wednesday, August 31st. Raymond James Financial Inc. cut Methanex Corp. from a “strong-buy” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $40.00 in a research report on Monday, October 3rd. Jefferies Group reissued a “buy” rating and set a $41.00 price objective on shares of Methanex Corp. in a research report on Thursday, October 20th. Finally, Zacks Investment Research raised Methanex Corp. from a “strong sell” rating to a “hold” rating in a research report on Friday, October 21st. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Methanex Corp. has a consensus rating of “Hold” and a consensus price target of $40.70.
Shares of Methanex Corp. (NASDAQ:MEOH) opened at 40.65 on Monday. Methanex Corp. has a 52 week low of $22.73 and a 52 week high of $41.49. The firm’s 50-day moving average price is $37.64 and its 200-day moving average price is $32.22. The firm’s market cap is $3.65 billion.
Methanex Corp. (NASDAQ:MEOH) last issued its earnings results on Wednesday, October 26th. The company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.20. The business earned $2.48 million during the quarter, compared to analysts’ expectations of $2.09 million. Methanex Corp. had a negative return on equity of 2.57% and a negative net margin of 1.45%. Methanex Corp.’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 earnings per share. Equities research analysts expect that Methanex Corp. will post ($0.58) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 31st. Stockholders of record on Saturday, December 17th will be paid a $0.275 dividend. The ex-dividend date is Wednesday, December 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.71%. Methanex Corp.’s payout ratio is presently -366.67%.
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Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc raised its position in Methanex Corp. by 21.7% in the first quarter. Legal & General Group Plc now owns 66,967 shares of the company’s stock worth $2,161,000 after buying an additional 11,924 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Methanex Corp. by 68.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,483 shares of the company’s stock worth $1,140,000 after buying an additional 14,371 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Methanex Corp. by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 9,165 shares of the company’s stock worth $380,000 after buying an additional 3,300 shares during the last quarter. First Manhattan Co. raised its position in Methanex Corp. by 1.5% in the second quarter. First Manhattan Co. now owns 37,445 shares of the company’s stock worth $1,089,000 after buying an additional 550 shares during the last quarter. Finally, CIBC World Markets Inc. raised its position in Methanex Corp. by 10.0% in the second quarter. CIBC World Markets Inc. now owns 31,362 shares of the company’s stock worth $913,000 after buying an additional 2,853 shares during the last quarter. Institutional investors and hedge funds own 85.15% 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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