Q3 2016 EPS Estimates for Methanex Corp. (MEOH) Lowered by Raymond James Financial
Methanex Corp. (NASDAQ:MEOH) – Stock analysts at Raymond James Financial decreased their Q3 2016 earnings estimates for shares of Methanex Corp. in a research report issued to clients and investors on Monday. Raymond James Financial analyst S. Hansen now forecasts that the brokerage will post earnings of ($0.16) per share for the quarter, down from their prior estimate of ($0.10). Raymond James Financial has a “Outperform” rating and a $40.00 price objective on the stock. Raymond James Financial also issued estimates for Methanex Corp.’s FY2016 earnings at ($0.79) EPS, Q1 2017 earnings at $0.32 EPS, Q3 2017 earnings at $0.39 EPS and Q4 2017 earnings at $0.65 EPS.
Several other equities research analysts have also weighed in on the company. BMO Capital Markets boosted their target price on Methanex Corp. from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, September 29th. Scotiabank reaffirmed an “outperform” rating and issued a $35.00 price target on shares of Methanex Corp. in a research report on Wednesday, August 31st. Cowen and Company dropped their price target on Methanex Corp. from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, August 4th. 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 research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Methanex Corp. has an average rating of “Buy” and an average target price of $39.45.
Shares of Methanex Corp. (NASDAQ:MEOH) traded up 3.37% during trading on Wednesday, reaching $35.26. The company had a trading volume of 220,452 shares. Methanex Corp. has a 12 month low of $22.73 and a 12 month high of $44.95. The firm has a market capitalization of $3.17 billion, a PE ratio of 79.95 and a beta of 2.00. The stock has a 50 day moving average price of $30.73 and a 200 day moving average price of $30.91.
Methanex Corp. (NASDAQ:MEOH) last announced its quarterly earnings data 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 had revenue of $468 million for the quarter, compared to the consensus estimate of $422.82 million. During the same quarter last year, the business earned $0.56 earnings per share. The business’s revenue for the quarter was down 26.6% compared to the same quarter last year.
A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its stake 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 period. BlackRock Group LTD boosted its stake 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 period. Stonebridge Capital Management Inc. boosted its stake 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 period. BlackRock Inc. boosted its stake 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 period. Finally, CIBC World Markets Inc. boosted its stake 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 period. Hedge funds and other institutional investors own 87.01% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Wednesday, September 14th. Methanex Corp.’s dividend payout ratio (DPR) is 305.56%.
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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