Methanex Corporation (MEOH) Receives Average Recommendation of “Hold” from Brokerages
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has received an average rating of “Hold” from the eighteen analysts that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $55.53.
A number of analysts have issued reports on the company. Royal Bank Of Canada reissued a “hold” rating on shares of Methanex in a research note on Friday, August 25th. Zacks Investment Research raised Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 26th. TD Securities lifted their price objective on Methanex to $71.00 and gave the company a “buy” rating in a research note on Monday, September 18th. Cowen reiterated an “outperform” rating and set a $58.00 target price (up from $55.00) on shares of Methanex in a report on Monday, October 9th. Finally, Scotiabank reiterated a “sector perform” rating and set a $67.00 target price on shares of Methanex in a report on Wednesday, October 4th.
A number of large investors have recently added to or reduced their stakes in the stock. Guardian Capital Advisors LP boosted its position in Methanex by 43.0% during the 3rd quarter. Guardian Capital Advisors LP now owns 7,455 shares of the specialty chemicals company’s stock valued at $475,000 after purchasing an additional 2,240 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Methanex during the 3rd quarter worth $704,000. Jane Street Group LLC boosted its position in Methanex by 99.8% during the 3rd quarter. Jane Street Group LLC now owns 23,504 shares of the specialty chemicals company’s stock worth $1,183,000 after acquiring an additional 11,740 shares during the period. Magnetar Financial LLC acquired a new position in Methanex during the 3rd quarter worth $801,000. Finally, AMP Capital Investors Ltd boosted its position in Methanex by 55.3% during the 3rd quarter. AMP Capital Investors Ltd now owns 160,649 shares of the specialty chemicals company’s stock worth $8,055,000 after acquiring an additional 57,177 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. Methanex had a return on equity of 16.02% and a net margin of 9.81%. The firm had revenue of $720.00 million for the quarter, compared to analyst estimates of $614.19 million. During the same period last year, the company earned ($0.01) EPS. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. research analysts forecast that Methanex will post 3.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 31st. Investors of record on Sunday, December 17th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.25%. Methanex’s dividend payout ratio is currently 39.09%.
Methanex 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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