Analysts Set Methanex Corporation (MEOH) Price Target at $56.92
Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) have been assigned an average rating of “Hold” from the eighteen brokerages that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $57.23.
A number of research analysts have commented on the company. UBS AG boosted their price objective on Methanex Corporation from $42.00 to $44.00 and gave the stock a “sell” rating in a research note on Friday. Scotiabank restated a “sector perform” rating and set a $67.00 price objective on shares of Methanex Corporation in a research note on Wednesday, October 4th. BidaskClub cut Methanex Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a research note on Wednesday, September 27th. Finally, Cowen and Company restated an “outperform” rating and set a $58.00 price objective (up previously from $55.00) on shares of Methanex Corporation in a research note on Monday, October 9th.
Methanex Corporation (MEOH) traded up 0.91% during midday trading on Thursday, reaching $50.00. The company’s stock had a trading volume of 569,383 shares. The company has a market capitalization of $4.31 billion, a P/E ratio of 19.46 and a beta of 1.76. The company has a 50 day moving average of $50.72 and a 200-day moving average of $45.78. Methanex Corporation has a 1-year low of $34.45 and a 1-year high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.23). The company had revenue of $669.00 million for the quarter, compared to analyst estimates of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) EPS. Equities research analysts anticipate that Methanex Corporation will post $3.94 earnings per share for the current fiscal year.
Methanex Corporation announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that permits the company to buyback 1,660,000 outstanding shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.40%. The ex-dividend date was Thursday, September 14th. Methanex Corporation’s payout ratio is currently 47.81%.
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Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace North America L.P. raised its stake in Methanex Corporation by 76.1% during the second quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock valued at $4,458,000 after buying an additional 43,776 shares in the last quarter. Intact Investment Management Inc. raised its stake in Methanex Corporation by 43.4% during the second quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock valued at $3,696,000 after buying an additional 19,600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Methanex Corporation by 17.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock valued at $2,008,000 after buying an additional 6,822 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Methanex Corporation by 149.9% during the first quarter. Tower Research Capital LLC TRC now owns 6,726 shares of the specialty chemicals company’s stock valued at $315,000 after buying an additional 4,034 shares in the last quarter. Finally, AGF Investments Inc. raised its stake in Methanex Corporation by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after buying an additional 208,413 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
About Methanex Corporation
Methanex Corp is a Canada-based 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, as well as 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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