Methanex Corporation (MEOH) Given Average Rating of “Hold” by Brokerages
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has earned an average recommendation of “Hold” from the eighteen research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $56.92.
Several analysts have recently issued reports on the stock. BidaskClub raised shares of Methanex Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Jefferies Group LLC increased their price target on shares of Methanex Corporation to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, September 12th. Cowen and Company set a $60.00 price target on shares of Methanex Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Monness Crespi & Hardt reduced their price target on shares of Methanex Corporation from $62.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, July 28th. Finally, BMO Capital Markets reissued a “buy” rating on shares of Methanex Corporation in a research report on Friday, June 30th.
Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. increased its stake in shares of Methanex Corporation by 76.1% during the second quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock worth $4,458,000 after buying an additional 43,776 shares during the period. Intact Investment Management Inc. increased its stake in shares of Methanex Corporation by 43.4% during the second quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock worth $3,696,000 after buying an additional 19,600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Methanex Corporation by 17.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock worth $2,008,000 after buying an additional 6,822 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Methanex Corporation by 149.9% during the first quarter. Tower Research Capital LLC TRC now owns 6,726 shares of the specialty chemicals company’s stock worth $315,000 after buying an additional 4,034 shares during the period. Finally, AGF Investments Inc. increased its stake in shares of Methanex Corporation by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after buying an additional 208,413 shares during the period. Hedge funds and other institutional investors own 81.91% of the company’s stock.
Methanex Corporation (NASDAQ MEOH) opened at 50.30 on Thursday. Methanex Corporation has a 52-week low of $34.45 and a 52-week high of $53.35. The stock has a market cap of $4.33 billion, a P/E ratio of 19.57 and a beta of 1.76. The firm’s 50-day moving average is $50.35 and its 200-day moving average is $45.72.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.23). Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The company had revenue of $669.00 million during the quarter, compared to analyst estimates of $772.41 million. During the same period in the previous year, the company earned ($0.34) EPS. The company’s quarterly revenue was up 42.9% compared to the same quarter last year. Equities research analysts predict that Methanex Corporation will post $3.99 earnings per share for the current year.
Methanex Corporation announced that its board has authorized a share buyback program on Wednesday, July 26th that permits the company to buyback 1,660,000 outstanding shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Saturday, September 30th. Investors of record on Saturday, September 16th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.39%. Methanex Corporation’s payout ratio is 47.81%.
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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.
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