Methanex Corp. (MEOH) PT Raised to $40.00
Methanex Corp. (NASDAQ:MEOH) had its price target boosted by research analysts at BMO Capital Markets from $36.00 to $40.00 in a report issued on Thursday. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ target price suggests a potential upside of 12.11% from the company’s current price.
MEOH has been the subject of several other research reports. Citigroup Inc. reiterated a “hold” rating and issued a $31.00 target price (down previously from $35.00) on shares of Methanex Corp. in a research note on Friday, July 15th. Jefferies Group reiterated a “buy” rating on shares of Methanex Corp. in a research note on Wednesday, July 6th. TD Securities upgraded shares of Methanex Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 29th. Scotiabank reiterated an “outperform” rating and issued a $35.00 target price on shares of Methanex Corp. in a research note on Wednesday, August 31st. Finally, CIBC upgraded shares of Methanex Corp. from a “sector perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Tuesday, July 5th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $39.45.
Methanex Corp. (NASDAQ:MEOH) opened at 35.68 on Thursday. The company’s 50-day moving average is $30.40 and its 200-day moving average is $30.98. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 80.91 and a beta of 1.99. Methanex Corp. has a 52-week low of $22.73 and a 52-week high of $44.95.
Methanex Corp. (NASDAQ:MEOH) last posted its earnings results on Thursday, July 28th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.09. Methanex Corp. had a return on equity of 2.10% and a net margin of 3.22%. The firm earned $468 million during the quarter, compared to the consensus estimate of $422.82 million. During the same quarter in the previous year, the company earned $0.56 EPS. The business’s revenue was down 26.6% compared to the same quarter last year. On average, analysts expect that Methanex Corp. will post ($0.77) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Wednesday, September 14th. Methanex Corp.’s dividend payout ratio (DPR) is presently 305.56%.
A number of large investors have recently added to or reduced their stakes in MEOH. First Manhattan Co. increased its stake in Methanex Corp. by 1.5% in the second quarter. First Manhattan Co. now owns 37,445 shares of the company’s stock valued at $1,089,000 after buying an additional 550 shares during the period. Westbourne Investment Advisors Inc. increased its stake in Methanex Corp. by 4.3% in the second quarter. Westbourne Investment Advisors Inc. now owns 16,086 shares of the company’s stock valued at $468,000 after buying an additional 670 shares during the period. Polaris Capital Management LLC increased its stake in Methanex Corp. by 19.7% in the second quarter. Polaris Capital Management LLC now owns 4,250 shares of the company’s stock valued at $124,000 after buying an additional 700 shares during the period. First Interstate Bank increased its stake in Methanex Corp. by 19.2% in the second quarter. First Interstate Bank now owns 5,250 shares of the company’s stock valued at $153,000 after buying an additional 845 shares during the period. Finally, BlackRock Group LTD increased its stake in Methanex Corp. by 2.5% in the first quarter. BlackRock Group LTD now owns 70,300 shares of the company’s stock valued at $2,258,000 after buying an additional 1,700 shares during the period. 87.01% of the stock is currently owned by institutional investors and hedge funds.
About Methanex Corp.
Methanex Corporation is a 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, and 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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