Methanex (MEOH) Raised to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. The firm currently has $92.00 target price on the specialty chemicals company’s stock.
According to Zacks, “Earnings estimates for Methanex are going up of late. The company has outperformed the industry it belongs to over a year. Methanex should gain from healthy demand fundamentals for methanol. The Louisiana project is also expected to create significant value for shareholders and contribute to cash generation. Moreover, Methanex is committed to boost shareholder returns. “
Several other equities research analysts have also recently weighed in on the company. Barclays began coverage on Methanex in a report on Monday, October 8th. They set an equal weight rating and a $90.00 target price for the company. ValuEngine upgraded Methanex from a hold rating to a buy rating in a report on Saturday, October 6th. Royal Bank of Canada increased their target price on Methanex from $78.00 to $83.00 and gave the company a sector perform rating in a report on Monday, October 1st. BidaskClub upgraded Methanex from a buy rating to a strong-buy rating in a report on Friday, September 28th. Finally, Monness Crespi & Hardt increased their target price on Methanex from $75.00 to $86.00 and gave the company a buy rating in a report on Tuesday, September 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Methanex presently has an average rating of Buy and a consensus price target of $79.67.
Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, July 25th. The specialty chemicals company reported $1.75 EPS for the quarter, meeting the consensus estimate of $1.75. The firm had revenue of $950.00 million for the quarter, compared to analyst estimates of $872.10 million. Methanex had a return on equity of 28.64% and a net margin of 10.90%. The company’s revenue was up 42.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.85 EPS. As a group, analysts predict that Methanex will post 6.44 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 30th. Shareholders of record on Sunday, September 16th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.76%. The ex-dividend date was Thursday, September 13th. Methanex’s dividend payout ratio (DPR) is currently 28.03%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEOH. CIBC World Markets Inc. lifted its holdings in Methanex by 221.3% in the 1st quarter. CIBC World Markets Inc. now owns 465,430 shares of the specialty chemicals company’s stock worth $28,228,000 after buying an additional 320,567 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Methanex by 60.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 601,759 shares of the specialty chemicals company’s stock worth $42,525,000 after buying an additional 226,000 shares during the period. Janus Henderson Group PLC lifted its holdings in Methanex by 173.8% in the 2nd quarter. Janus Henderson Group PLC now owns 350,291 shares of the specialty chemicals company’s stock worth $24,753,000 after buying an additional 222,338 shares during the period. Addenda Capital Inc. lifted its holdings in Methanex by 78.0% in the 2nd quarter. Addenda Capital Inc. now owns 477,338 shares of the specialty chemicals company’s stock worth $31,014,000 after buying an additional 209,236 shares during the period. Finally, Strs Ohio purchased a new stake in Methanex in the 2nd quarter worth approximately $13,345,000. Institutional investors and hedge funds own 76.39% of the company’s stock.
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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