UBS AG Raises Methanex Corporation (MEOH) Price Target to $44.00
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its price objective hoisted by research analysts at UBS AG from $42.00 to $44.00 in a research note issued on Friday, www.benzinga.com reports. The firm presently has a “sell” rating on the specialty chemicals company’s stock. UBS AG’s price objective suggests a potential downside of 11.20% from the company’s previous close.
Several other equities research analysts also recently weighed in on the company. Cowen and Company reaffirmed an “outperform” rating and set a $58.00 price target (up from $55.00) on shares of Methanex Corporation in a report on Monday. Scotiabank reissued a “sector perform” rating and issued a $67.00 target price on shares of Methanex Corporation in a report on Wednesday, October 4th. Zacks Investment Research raised Methanex Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Tuesday, October 3rd. Royal Bank Of Canada reissued a “hold” rating on shares of Methanex Corporation in a report on Wednesday, September 27th. Finally, TD Securities raised their target price on Methanex Corporation to $71.00 and gave the company a “buy” rating in a report on Monday, September 18th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. Methanex Corporation has an average rating of “Hold” and an average target price of $56.73.
Methanex Corporation (MEOH) opened at 49.55 on Friday. Methanex Corporation has a 12-month low of $34.45 and a 12-month high of $53.35. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 19.28 and a beta of 1.76. The stock’s 50 day moving average is $50.46 and its 200 day moving average is $45.74.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its quarterly 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). 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 for the quarter, compared to analyst estimates of $772.41 million. During the same period in the prior year, the business earned ($0.34) earnings per share. Methanex Corporation’s revenue for the quarter was up 42.9% compared to the same quarter last year. Equities research analysts forecast that Methanex Corporation will post $3.99 EPS for the current fiscal year.
Methanex Corporation announced that its board has approved a share repurchase program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Institutional investors have recently bought and sold shares of the stock. FNY Partners Fund LP purchased a new stake in Methanex Corporation during the 1st quarter worth about $117,000. Turner Investments LLC purchased a new stake in Methanex Corporation during the 2nd quarter worth about $221,000. Korea Investment CORP increased its position in 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 in the last quarter. Comerica Bank increased its position in Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after purchasing an additional 178 shares in the last quarter. Finally, AHL Partners LLP purchased a new stake in Methanex Corporation during the 2nd quarter worth about $300,000. Hedge funds and other institutional investors own 81.91% 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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