Methanex Corporation (MEOH) Rating Reiterated by Scotiabank
Methanex Corporation (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reiterated by equities researchers at Scotiabank in a research report issued to clients and investors on Wednesday. They presently have a $67.00 target price on the specialty chemicals company’s stock. Scotiabank’s price objective points to a potential upside of 30.48% from the stock’s previous close.
MEOH has been the topic of several other research reports. TD Securities raised their target price on shares of Methanex Corporation to $71.00 and gave the stock a “buy” rating in a report on Monday, September 18th. BidaskClub cut shares of Methanex Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a report on Friday, August 25th. Cowen and Company restated a “buy” rating and issued a $55.00 target price on shares of Methanex Corporation in a report on Friday, September 1st. Finally, Tudor Pickering cut shares of Methanex Corporation from a “buy” rating to a “hold” rating and dropped their target price for the stock from $52.00 to $46.00 in a report on Friday, July 28th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $56.27.
Methanex Corporation (MEOH) traded up 0.20% during midday trading on Wednesday, hitting $51.35. 459,607 shares of the company were exchanged. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 19.98 and a beta of 1.76. Methanex Corporation has a 1-year low of $34.45 and a 1-year high of $53.35. The stock has a 50 day moving average of $49.49 and a 200-day moving average of $45.52.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. 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 prior year, the business posted ($0.34) EPS. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. Equities analysts expect that Methanex Corporation will post $3.97 earnings per share for the current year.
Methanex Corporation declared that its board has authorized a stock buyback program on Wednesday, July 26th that allows the company to repurchase 1,660,000 outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEOH. Quantbot Technologies LP raised its position in 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 acquiring an additional 647 shares during the period. FNY Partners Fund LP bought a new position in Methanex Corporation in the first quarter worth approximately $117,000. Turner Investments LLC bought a new position in Methanex Corporation in the second quarter worth approximately $221,000. Korea Investment CORP raised its position in Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after acquiring an additional 101 shares during the period. Finally, Comerica Bank raised its position in Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after acquiring an additional 178 shares during the period. Institutional investors and hedge funds own 81.91% of the company’s stock.
About Methanex Corporation
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.
Receive News & Ratings for Methanex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex Corporation and related companies with MarketBeat.com's FREE daily email newsletter.