Methanex Corporation (MEOH) PT Set at $53.50 by Scotiabank
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) received a $53.50 target price from stock analysts at Scotiabank in a research report issued on Wednesday. The firm currently has a “sector perform” rating on the specialty chemicals company’s stock. Scotiabank’s price objective points to a potential upside of 8.30% from the company’s previous close.
MEOH has been the subject of several other research reports. TD Securities raised their target price on Methanex Corporation to $71.00 and gave the stock a “buy” rating in a research note on Monday, September 18th. Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a research note on Friday, August 25th. BidaskClub downgraded Methanex Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Cowen and Company restated a “buy” rating and issued a $55.00 target price on shares of Methanex Corporation in a research note on Friday, September 1st. Finally, Tudor Pickering downgraded Methanex Corporation from a “buy” rating to a “hold” rating and cut their target price for the stock from $52.00 to $46.00 in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $55.83.
Methanex Corporation (NASDAQ:MEOH) traded up 2.43% on Wednesday, reaching $50.60. The company had a trading volume of 625,849 shares. The stock’s 50-day moving average price is $50.72 and its 200-day moving average price is $45.77. 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 $4.36 billion, a P/E ratio of 19.69 and a beta of 1.76.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the 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 the consensus estimate of $772.41 million. During the same quarter in the prior year, the business earned ($0.34) EPS. The firm’s revenue for the quarter was up 42.9% compared to the same quarter last year. On average, equities research analysts anticipate that Methanex Corporation will post $3.94 EPS for the current fiscal year.
Methanex Corporation declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 26th that permits the company to buyback 1,660,000 outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
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Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. FNY Partners Fund LP purchased a new position in shares of Methanex Corporation during the 1st quarter valued at about $117,000. Turner Investments LLC purchased a new position in shares of Methanex Corporation during the 2nd quarter valued at about $221,000. Korea Investment CORP raised its holdings 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 valued at $249,000 after buying an additional 101 shares in the last quarter. Comerica Bank raised its holdings in shares of Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock valued at $264,000 after buying an additional 178 shares in the last quarter. Finally, AHL Partners LLP purchased a new position in shares of Methanex Corporation during the 2nd quarter valued at about $300,000. 81.87% of the stock is currently owned by institutional investors.
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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