Methanex Corporation (MEOH) Earns Buy Rating from Jefferies Group LLC
Methanex Corporation (NASDAQ:MEOH) (TSE:MX)‘s stock had its “buy” rating restated by equities researchers at Jefferies Group LLC in a research note issued to investors on Thursday. They presently have a $60.00 price target on the specialty chemicals company’s stock. Jefferies Group LLC’s target price suggests a potential upside of 19.28% from the company’s current price.
Other research analysts have also recently issued reports about the company. Cowen and Company set a $60.00 target price on Methanex Corporation and gave the stock a “buy” rating in a research note on Friday, July 28th. BMO Capital Markets reissued a “buy” rating on shares of Methanex Corporation in a research note on Friday, June 30th. BidaskClub raised Methanex Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Royal Bank Of Canada lowered their target price on Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 18th. Finally, Monness Crespi & Hardt lowered their target price on Methanex Corporation from $62.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, July 28th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. Methanex Corporation has a consensus rating of “Hold” and a consensus price target of $55.83.
Methanex Corporation (MEOH) traded up 0.40% during trading on Thursday, hitting $50.30. The stock had a trading volume of 414,083 shares. The company has a market cap of $4.33 billion, a P/E ratio of 19.57 and a beta of 1.76. The firm has a 50 day moving average of $50.84 and a 200-day moving average of $45.89. Methanex Corporation has a one year low of $34.45 and a one year high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 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 for the quarter, compared to analyst estimates of $772.41 million. During the same period in the previous year, the firm earned ($0.34) earnings per share. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. Equities analysts anticipate that Methanex Corporation will post $3.94 earnings per share for the current fiscal year.
Methanex Corporation announced that its board has authorized a stock buyback plan on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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Several institutional investors have recently bought and sold shares of MEOH. Comerica Bank lifted its holdings in shares of Methanex Corporation by 3.1% in the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock valued at $264,000 after purchasing an additional 178 shares during the last quarter. Parametric Portfolio Associates LLC lifted its holdings in shares of Methanex Corporation by 30.2% in the 1st quarter. Parametric Portfolio Associates LLC now owns 41,311 shares of the specialty chemicals company’s stock valued at $1,937,000 after purchasing an additional 9,576 shares during the last quarter. FMR LLC lifted its holdings in shares of Methanex Corporation by 30.2% in the 1st quarter. FMR LLC now owns 3,341,500 shares of the specialty chemicals company’s stock valued at $156,568,000 after purchasing an additional 774,598 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Methanex Corporation by 1.6% in the 1st quarter. Legal & General Group Plc now owns 108,524 shares of the specialty chemicals company’s stock valued at $5,074,000 after purchasing an additional 1,697 shares during the last quarter. Finally, Ngam Advisors L.P. lifted its holdings in shares of Methanex Corporation by 6.1% in the 1st quarter. Ngam Advisors L.P. now owns 21,721 shares of the specialty chemicals company’s stock valued at $1,019,000 after purchasing an additional 1,249 shares during the last quarter. 81.87% of the stock is owned by institutional investors and hedge funds.
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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