Methanex Corp. (MEOH) Shares Gap Up to $29.95
Methanex Corp. (NASDAQ:MEOH) shares 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.
Several research analysts recently commented on MEOH shares. Scotiabank reissued an “outperform” rating and set a $35.00 target price on shares of Methanex Corp. in a research note on Wednesday. Raymond James Financial Inc. raised Methanex Corp. from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, May 17th. Jefferies Group reaffirmed a “buy” rating on shares of Methanex Corp. in a report on Tuesday, May 31st. Zacks Investment Research raised Methanex Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 19th. Finally, TD Securities raised 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, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $40.95.
The stock’s 50-day moving average is $28.72 and its 200 day moving average is $31.07. The company has a market cap of $2.84 billion and a PE ratio of 71.70.
Methanex Corp. (NASDAQ:MEOH) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by $0.09. The company earned $468 million during the quarter, compared to analysts’ expectations of $422.82 million. The company’s quarterly revenue was down 26.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 EPS. On average, equities analysts expect that Methanex Corp. will post ($0.79) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.275 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.10 annualized dividend and a yield of 3.48%.
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.