Methanex Corporation (NASDAQ:MEOH) PT Lowered to $54.00
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its target price reduced by TD Securities from $56.00 to $54.00 in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price objective points to a potential upside of 20.13% from the company’s current price.
Several other analysts also recently issued reports on MEOH. Scotiabank lifted their price target on Methanex Corporation from $51.00 to $71.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 4th. Cowen and Company reissued an “outperform” rating and issued a $60.00 price target on shares of Methanex Corporation in a research note on Tuesday, April 4th. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $80.00 price target on shares of Methanex Corporation in a research note on Monday, April 10th. Monness Crespi & Hardt raised Methanex Corporation from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Monday, April 17th. Finally, Zacks Investment Research raised Methanex Corporation from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a research note on Wednesday, April 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Methanex Corporation currently has a consensus rating of “Hold” and an average target price of $57.57.
Shares of Methanex Corporation (NASDAQ MEOH) traded down 0.612% during midday trading on Friday, hitting $44.675. The stock had a trading volume of 755,745 shares. The firm’s 50-day moving average price is $43.43 and its 200-day moving average price is $45.68. Methanex Corporation has a one year low of $26.83 and a one year high of $53.35. The firm has a market capitalization of $3.94 billion, a PE ratio of 28.186 and a beta of 1.78.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by $0.23. The business had revenue of $669 million for the quarter, compared to the consensus estimate of $772.41 million. Methanex Corporation had a return on equity of 7.04% and a net margin of 6.01%. The business’s revenue was up 42.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. On average, equities analysts predict that Methanex Corporation will post $4.10 EPS for the current year.
Methanex Corporation announced that its board has initiated a share repurchase plan on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its position in shares of Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 152 shares during the period. Quantbot Technologies LP increased its position in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after buying an additional 647 shares during the period. FNY Partners Fund LP acquired a new position in shares of Methanex Corporation during the first quarter worth $117,000. Worth Venture Partners LLC acquired a new position in shares of Methanex Corporation during the first quarter worth $227,000. Finally, Korea Investment CORP acquired a new position in shares of Methanex Corporation during the first quarter worth $260,000. 82.10% of the stock is currently owned by institutional investors and hedge funds.
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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