Methanex Corporation (MEOH) Authorizes Stock Buyback Program
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) declared that its board has initiated a share buyback program, which permits the company to buyback 1,660,000 outstanding shares on Wednesday, July 26th, EventVestor reports. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have issued reports on MEOH. UBS AG reaffirmed a “sell” rating and set a $40.00 price objective (up from $39.00) on shares of Methanex Corporation in a report on Friday, April 28th. Alembic Global Advisors set a $65.00 price objective on shares of Methanex Corporation and gave the stock a “buy” rating in a report on Thursday. Zacks Investment Research downgraded shares of Methanex Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Royal Bank Of Canada cut their price objective on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 18th. Finally, BidaskClub raised shares of Methanex Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. Methanex Corporation currently has an average rating of “Hold” and an average target price of $55.64.
Shares of Methanex Corporation (NASDAQ MEOH) traded down 3.850% during trading on Thursday, hitting $44.325. 565,620 shares of the company were exchanged. The stock has a market capitalization of $3.91 billion, a PE ratio of 27.965 and a beta of 1.78. The company has a 50 day moving average of $43.31 and a 200-day moving average of $45.69. Methanex Corporation has a 1-year low of $26.83 and a 1-year high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 26th. The specialty chemicals company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.38 by $0.18. Methanex Corporation had a return on equity of 7.04% and a net margin of 6.01%. The company had revenue of $810 million for the quarter, compared to analysts’ expectations of $833.32 million. During the same period last year, the firm posted ($0.27) earnings per share. Methanex Corporation’s revenue was up 86.2% compared to the same quarter last year. On average, analysts forecast that Methanex Corporation will post $4.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.60%. Methanex Corporation’s dividend payout ratio (DPR) is presently 75.47%.
Methanex Corporation 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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