Zacks: Analysts Anticipate Methanex Co. (MEOH) to Post $0.54 Earnings Per Share
Wall Street brokerages expect that Methanex Co. (NASDAQ:MEOH) (TSE:MX) will post earnings per share (EPS) of $0.54 for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have issued estimates for Methanex’s earnings, with estimates ranging from $0.41 to $0.67. Methanex posted earnings of ($0.01) per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 5,500%. The business is expected to issue its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Methanex will report full year earnings of $3.40 per share for the current fiscal year, with EPS estimates ranging from $3.00 to $3.79. For the next year, analysts anticipate that the business will report earnings of $3.50 per share, with EPS estimates ranging from $3.20 to $3.80. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow Methanex.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.23). Methanex had a net margin of 15.06% and a return on equity of 20.71%. The company had revenue of $669.00 million during the quarter, compared to analysts’ expectations of $772.41 million. During the same quarter in the previous year, the firm posted ($0.34) earnings per share. Methanex’s revenue for the quarter was up 42.9% compared to the same quarter last year.
A number of research firms recently commented on MEOH. Jefferies Group LLC increased their price objective on Methanex to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Cowen and Company restated a “buy” rating and issued a $55.00 price objective on shares of Methanex in a report on Friday, September 1st. Royal Bank Of Canada restated a “hold” rating on shares of Methanex in a report on Friday, August 25th. BidaskClub upgraded Methanex from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Finally, TD Securities dropped their price objective on Methanex from $56.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, July 28th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Methanex has a consensus rating of “Hold” and an average target price of $56.80.
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A number of hedge funds have recently made changes to their positions in MEOH. Bank of New York Mellon Corp grew its holdings in Methanex by 37.3% during the second quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock valued at $158,329,000 after purchasing an additional 976,901 shares during the last quarter. FMR LLC grew its stake in shares of Methanex by 30.2% in the first quarter. FMR LLC now owns 3,341,500 shares of the specialty chemicals company’s stock worth $156,568,000 after acquiring an additional 774,598 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Methanex in the second quarter worth $23,031,000. Morgan Stanley grew its stake in shares of Methanex by 337.8% in the first quarter. Morgan Stanley now owns 452,878 shares of the specialty chemicals company’s stock worth $21,240,000 after acquiring an additional 349,445 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Methanex in the first quarter worth $15,981,000. Institutional investors own 81.92% of the company’s stock.
Methanex (MEOH) traded down 2.03% during midday trading on Friday, reaching $50.60. 1,294,271 shares of the company’s stock traded hands. The company’s 50-day moving average price is $46.94 and its 200 day moving average price is $45.24. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 19.69 and a beta of 1.74. Methanex has a 52 week low of $28.77 and a 52 week high of $53.35.
Methanex declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that authorizes the company to buyback 1,660,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be issued 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 yield of 2.37%. Methanex’s dividend payout ratio (DPR) is presently 47.81%.
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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