TD Securities Boosts Methanex Corporation (MEOH) Price Target to $59.00
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its target price boosted by TD Securities from $58.00 to $59.00 in a research note issued to investors on Friday. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price target would suggest a potential upside of 18.24% from the company’s current price.
Several other equities research analysts also recently issued reports on MEOH. Scotiabank set a $53.50 price objective on Methanex Corporation and gave the company a “sector perform” rating in a report on Thursday. Jefferies Group LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Methanex Corporation in a report on Thursday, October 19th. BidaskClub downgraded Methanex Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Cowen and Company set a $60.00 price objective on Methanex Corporation and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Methanex Corporation in a report on Wednesday, September 27th. 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. The stock has a consensus rating of “Hold” and a consensus target price of $55.50.
Methanex Corporation (NASDAQ MEOH) traded down 1.09% during trading on Friday, hitting $49.90. The stock had a trading volume of 814,438 shares. The firm has a 50 day moving average of $50.84 and a 200-day moving average of $45.95. The company has a market cap of $4.30 billion, a P/E ratio of 19.42 and a beta of 1.76. 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 posted its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. The company had revenue of $720.00 million for the quarter, compared to the consensus estimate of $614.19 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The company’s revenue for the quarter was up 41.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) earnings per share. Equities analysts anticipate that Methanex Corporation will post $3.96 earnings per share for the current fiscal year.
Methanex Corporation declared that its board has approved a stock buyback program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. grew its stake in Methanex Corporation by 76.1% during the 2nd quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock worth $4,458,000 after purchasing an additional 43,776 shares in the last quarter. Intact Investment Management Inc. boosted its position in shares of Methanex Corporation by 43.4% during the 2nd quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock worth $3,696,000 after acquiring an additional 19,600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Methanex Corporation by 17.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock worth $2,008,000 after acquiring an additional 6,822 shares in the last quarter. AGF Investments Inc. boosted its position in shares of Methanex Corporation by 103.7% during the 2nd quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after acquiring an additional 208,413 shares in the last quarter. Finally, Andra AP fonden boosted its position in shares of Methanex Corporation by 69.7% during the 2nd quarter. Andra AP fonden now owns 24,600 shares of the specialty chemicals company’s stock worth $1,408,000 after acquiring an additional 10,100 shares in the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.
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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