Methanex Corp. (MEOH) Shares Up 4.7%
Methanex Corp. (NASDAQ:MEOH) shares shot up 4.7% during mid-day trading on Wednesday . The stock traded as high as $30.38 and last traded at $30.26, with a volume of 1,317,923 shares. The stock had previously closed at $28.90.
Several brokerages have recently issued reports on MEOH. Royal Bank Of Canada restated a “sector perform” rating and issued a $48.50 price objective on shares of Methanex Corp. in a research note on Monday, June 6th. Jefferies Group restated a “buy” rating on shares of Methanex Corp. in a research note on Tuesday, May 31st. Scotiabank restated an “outperform” rating and issued a $35.00 price objective on shares of Methanex Corp. in a research note on Wednesday, August 31st. Zacks Investment Research upgraded Methanex Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Finally, Citigroup Inc. restated a “hold” rating and issued a $31.00 price objective (down from $35.00) on shares of Methanex Corp. in a research note on Friday, July 15th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $39.39.
The firm has a market cap of $2.72 billion, a P/E ratio of 68.62 and a beta of 2.10. The company’s 50 day moving average is $29.52 and its 200 day moving average is $31.03.
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Methanex Corp. (NASDAQ:MEOH) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.09. The business had revenue of $468 million for the quarter, compared to analyst estimates of $422.82 million. Methanex Corp. had a return on equity of 2.10% and a net margin of 3.22%. The company’s 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 earnings per share. On average, equities research analysts anticipate that Methanex Corp. will post ($0.79) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.64%. Methanex Corp.’s dividend payout ratio (DPR) is presently 305.56%.
Hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new stake in shares of Methanex Corp. during the second quarter worth about $109,000. Polaris Capital Management LLC boosted its stake in shares of Methanex Corp. by 19.7% in the second quarter. Polaris Capital Management LLC now owns 4,250 shares of the company’s stock worth $124,000 after buying an additional 700 shares during the period. First Interstate Bank boosted its stake in shares of Methanex Corp. by 19.2% in the second quarter. First Interstate Bank now owns 5,250 shares of the company’s stock worth $153,000 after buying an additional 845 shares during the period. Citigroup Inc. boosted its stake in shares of Methanex Corp. by 104.6% in the second quarter. Citigroup Inc. now owns 6,045 shares of the company’s stock worth $175,000 after buying an additional 137,805 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Methanex Corp. during the second quarter worth about $243,000. 87.01% of the stock is owned by hedge funds and other institutional investors.
Methanex Corp. Company Profile
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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