BidaskClub Downgrades Methanex (MEOH) to Hold
BidaskClub downgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a buy rating to a hold rating in a report issued on Monday.
A number of other research analysts also recently issued reports on MEOH. Alembic Global Advisors restated a buy rating on shares of Methanex in a research note on Monday, January 8th. Cowen restated an outperform rating and issued a $69.00 price objective (up previously from $65.00) on shares of Methanex in a research note on Wednesday, January 10th. Scotiabank restated a hold rating and issued a $63.00 price objective (up previously from $57.50) on shares of Methanex in a research note on Wednesday, January 3rd. CIBC downgraded Methanex from an outperform rating to a neutral rating in a research note on Tuesday, January 9th. Finally, Royal Bank of Canada restated a hold rating and issued a $63.00 price objective on shares of Methanex in a research note on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $57.20.
Shares of Methanex (NASDAQ:MEOH) opened at $58.80 on Monday. Methanex has a 1-year low of $39.47 and a 1-year high of $64.40. The stock has a market capitalization of $4,930.00, a price-to-earnings ratio of 19.15, a P/E/G ratio of 0.83 and a beta of 1.81. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83.
Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The business had revenue of $720.00 million during the quarter, compared to the consensus estimate of $614.19 million. Methanex had a return on equity of 16.02% and a net margin of 9.81%. Methanex’s revenue was up 41.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.01) earnings per share. analysts forecast that Methanex will post 3.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.04%. Methanex’s dividend payout ratio is presently 39.09%.
Several hedge funds and other institutional investors have recently modified their holdings of MEOH. Vanguard Group Inc. lifted its holdings in Methanex by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock worth $91,090,000 after purchasing an additional 76,132 shares in the last quarter. TD Asset Management Inc. lifted its holdings in Methanex by 2.4% during the 3rd quarter. TD Asset Management Inc. now owns 612,576 shares of the specialty chemicals company’s stock worth $30,711,000 after purchasing an additional 14,592 shares in the last quarter. Gotham Asset Management LLC purchased a new stake in Methanex during the 2nd quarter worth about $23,031,000. AGF Investments Inc. lifted its holdings in Methanex by 21.9% during the 3rd quarter. AGF Investments Inc. now owns 499,132 shares of the specialty chemicals company’s stock worth $25,082,000 after purchasing an additional 89,812 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Methanex by 29.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 405,236 shares of the specialty chemicals company’s stock worth $17,852,000 after purchasing an additional 91,829 shares in the last quarter. 83.12% of the stock is currently owned by hedge funds and other institutional investors.
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Methanex Company Profile
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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