Q3 2017 EPS Estimates for Methanex Corporation Increased by Jefferies Group (MEOH)
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) – Investment analysts at Jefferies Group boosted their Q3 2017 EPS estimates for shares of Methanex Corporation in a research report issued to clients and investors on Tuesday. Jefferies Group analyst L. Alexander now anticipates that the specialty chemicals company will post earnings of $0.41 per share for the quarter, up from their prior forecast of $0.39. Jefferies Group currently has a “Buy” rating and a $60.00 target price on the stock. Jefferies Group also issued estimates for Methanex Corporation’s Q4 2017 earnings at $0.18 EPS and FY2017 earnings at $2.91 EPS.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.23). The business had revenue of $669.00 million for the quarter, compared to analyst estimates of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. Methanex Corporation’s quarterly revenue was up 42.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.34) EPS.
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MEOH has been the topic of several other research reports. Royal Bank Of Canada reissued a “hold” rating on shares of Methanex Corporation in a research report on Friday, August 25th. BidaskClub cut shares of Methanex Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Cowen and Company reissued a “buy” rating and set a $55.00 target price on shares of Methanex Corporation in a research report on Friday, September 1st. Scotiabank set a $53.00 target price on shares of Methanex Corporation and gave the stock a “sector perform” rating in a research report on Tuesday, July 4th. Finally, TD Securities dropped their target price on shares of Methanex Corporation from $56.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $56.80.
Methanex Corporation (NASDAQ:MEOH) opened at 52.85 on Thursday. Methanex Corporation has a 12 month low of $28.77 and a 12 month high of $53.35. The firm’s 50-day moving average price is $46.45 and its 200-day moving average price is $45.16. The firm has a market cap of $4.55 billion, a P/E ratio of 20.56 and a beta of 1.74.
Methanex Corporation declared that its board has authorized a share repurchase plan on Wednesday, July 26th that allows the company to repurchase 1,660,000 shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Saturday, September 16th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.27%. Methanex Corporation’s payout ratio is currently 47.81%.
Several hedge funds have recently modified their holdings of MEOH. Quantbot Technologies LP increased its stake in shares of Methanex Corporation by 40.9% during the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after purchasing an additional 647 shares during the last quarter. FNY Partners Fund LP purchased a new stake in shares of Methanex Corporation during the 1st quarter worth approximately $117,000. Turner Investments LLC purchased a new stake in shares of Methanex Corporation during the 2nd quarter worth approximately $221,000. Korea Investment CORP increased its stake in shares of Methanex Corporation by 1.8% during the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after purchasing an additional 101 shares during the last quarter. Finally, World Asset Management Inc increased its stake in shares of Methanex Corporation by 0.8% during the 1st quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock worth $262,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 81.92% of the company’s stock.
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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