Methanex Corp. (MEOH) Downgraded to Outperform at Raymond James Financial Inc.
Raymond James Financial Inc. lowered shares of Methanex Corp. (NASDAQ:MEOH) from a strong-buy rating to an outperform rating in a research report sent to investors on Monday morning. Raymond James Financial Inc. currently has $40.00 price objective on the stock, up from their prior price objective of $37.00.
A number of other equities research analysts have also weighed in on the company. CIBC raised Methanex Corp. from a sector perform rating to an outperform rating and set a $37.00 target price for the company in a research report on Tuesday, July 5th. BMO Capital Markets boosted their price target on Methanex Corp. from $36.00 to $40.00 and gave the stock an outperform rating in a research report on Thursday, September 29th. Jefferies Group reissued a buy rating on shares of Methanex Corp. in a research report on Wednesday, July 6th. TD Securities raised Methanex Corp. from a hold rating to a buy rating in a research report on Friday, July 29th. Finally, Zacks Investment Research raised Methanex Corp. from a strong sell rating to a hold rating in a research report on Tuesday, July 19th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $39.45.
Shares of Methanex Corp. (NASDAQ:MEOH) traded down 1.00% on Monday, reaching $34.68. The company’s stock had a trading volume of 117,291 shares. Methanex Corp. has a 12-month low of $22.73 and a 12-month high of $44.95. The firm has a 50 day moving average price of $30.59 and a 200-day moving average price of $30.91. The stock has a market cap of $3.11 billion, a PE ratio of 78.64 and a beta of 1.99.
Methanex Corp. (NASDAQ:MEOH) last issued its earnings results on Thursday, July 28th. The company reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.09. The firm had revenue of $468 million for the quarter, compared to the consensus estimate of $422.82 million. Methanex Corp. had a net margin of 3.22% and a return on equity of 2.10%. The company’s revenue for the quarter was down 26.6% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. Equities research analysts expect that Methanex Corp. will post ($0.77) EPS for the current year.
The company also recently announced 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. The ex-dividend date was Wednesday, September 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.14%. Methanex Corp.’s payout ratio is currently 305.56%.
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its position in shares of Methanex Corp. by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 9,165 shares of the company’s stock worth $380,000 after buying an additional 3,300 shares during the last quarter. BlackRock Group LTD boosted its position in shares of Methanex Corp. by 2.5% in the first quarter. BlackRock Group LTD now owns 70,300 shares of the company’s stock worth $2,258,000 after buying an additional 1,700 shares during the last quarter. Stonebridge Capital Management Inc. boosted its position in shares of Methanex Corp. by 34.5% in the second quarter. Stonebridge Capital Management Inc. now owns 10,625 shares of the company’s stock worth $309,000 after buying an additional 2,725 shares during the last quarter. BlackRock Inc. boosted its position in shares of Methanex Corp. by 11.0% in the first quarter. BlackRock Inc. now owns 38,190 shares of the company’s stock worth $1,227,000 after buying an additional 3,790 shares during the last quarter. Finally, CIBC World Markets Inc. boosted its position in shares of Methanex Corp. by 10.0% in the second quarter. CIBC World Markets Inc. now owns 31,362 shares of the company’s stock worth $913,000 after buying an additional 2,853 shares during the last quarter. 87.01% of the stock is 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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