Methanex Corp.’s (MEOH) Buy Rating Reiterated at BMO Capital Markets
Methanex Corp. (NASDAQ:MEOH) (TSE:MX)‘s stock had its “buy” rating restated by stock analysts at BMO Capital Markets in a research note issued to investors on Monday.
Other equities analysts have also recently issued research reports about the stock. Jefferies Group reissued a “buy” rating and set a $41.00 price objective on shares of Methanex Corp. in a research report on Thursday, October 20th. Zacks Investment Research raised shares of Methanex Corp. from a “strong sell” rating to a “hold” rating in a research report on Friday, October 21st. TD Securities cut shares of Methanex Corp. from a “buy” rating to a “hold” rating and raised their price target for the company from $39.00 to $40.00 in a research report on Friday, October 28th. Raymond James Financial Inc. cut shares of Methanex Corp. from a “strong-buy” rating to an “outperform” rating and raised their price target for the company from $37.00 to $40.00 in a research report on Monday, October 3rd. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Methanex Corp. has an average rating of “Hold” and an average target price of $40.70.
Methanex Corp. (NASDAQ:MEOH) traded down 0.49% during mid-day trading on Monday, hitting $40.70. The company had a trading volume of 582,634 shares. The company’s 50 day moving average price is $37.64 and its 200-day moving average price is $32.22. Methanex Corp. has a 12-month low of $22.73 and a 12-month high of $41.49. The firm’s market capitalization is $3.66 billion.
Methanex Corp. (NASDAQ:MEOH) last released its quarterly earnings data on Wednesday, October 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.20. The company had revenue of $2.48 million for the quarter, compared to analysts’ expectations of $2.09 million. Methanex Corp. had a negative net margin of 1.45% and a negative return on equity of 2.57%. The business’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. On average, analysts forecast that Methanex Corp. will post ($0.58) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, December 31st. Stockholders of record on Saturday, December 17th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, December 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.69%. Methanex Corp.’s dividend payout ratio (DPR) is currently -366.67%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in Methanex Corp. by 37.2% in the second quarter. Bank of New York Mellon Corp now owns 3,818,016 shares of the company’s stock worth $111,105,000 after buying an additional 1,036,091 shares in the last quarter. Guardian Capital LP increased its stake in Methanex Corp. by 28.6% in the second quarter. Guardian Capital LP now owns 4,178,422 shares of the company’s stock worth $120,737,000 after buying an additional 928,549 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Methanex Corp. during the second quarter worth about $24,598,000. Fiera Capital Corp increased its stake in Methanex Corp. by 59.9% in the second quarter. Fiera Capital Corp now owns 1,617,442 shares of the company’s stock worth $46,844,000 after buying an additional 605,680 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Methanex Corp. during the second quarter worth about $17,255,000. Hedge funds and other institutional investors own 85.15% of the company’s stock.
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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