Methanex Corporation (MEOH) Earns “Hold” Rating from Royal Bank Of Canada
A number of other analysts have also weighed in on the stock. ValuEngine raised shares of Methanex Corporation from a hold rating to a buy rating in a research report on Friday, June 16th. Jefferies Group LLC reissued a buy rating and set a $60.00 price objective on shares of Methanex Corporation in a report on Monday, May 15th. BMO Capital Markets reissued a buy rating on shares of Methanex Corporation in a report on Friday, June 30th. Scotiabank set a $53.00 price objective on shares of Methanex Corporation and gave the company a sector perform rating in a report on Tuesday, July 4th. Finally, Zacks Investment Research downgraded shares of Methanex Corporation from a strong-buy rating to a hold rating in a research note on Tuesday, May 23rd. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $56.80.
Methanex Corporation (MEOH) opened at 46.55 on Friday. The firm has a market cap of $4.01 billion, a PE ratio of 18.11 and a beta of 1.78. The stock’s 50 day moving average price is $44.84 and its 200-day moving average price is $45.22. Methanex Corporation has a 12-month low of $28.17 and a 12-month high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The business had revenue of $669 million during the quarter, compared to the consensus estimate of $772.41 million. During the same period in the previous year, the business posted ($0.34) EPS. The firm’s revenue was up 42.9% on a year-over-year basis. Equities research analysts anticipate that Methanex Corporation will post $3.80 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is 47.81%.
Methanex Corporation declared that its board has approved a share buyback plan on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of MEOH. World Asset Management Inc boosted its stake in shares of Methanex Corporation by 0.8% in the first quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock worth $262,000 after buying an additional 46 shares in the last quarter. Comerica Bank increased its position in shares of Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after buying an additional 178 shares in the last quarter. US Bancorp DE increased its position in shares of Methanex Corporation by 13.1% in the first quarter. US Bancorp DE now owns 26,248 shares of the specialty chemicals company’s stock worth $1,231,000 after buying an additional 3,031 shares in the last quarter. Boston Partners increased its position in shares of Methanex Corporation by 45.2% in the first quarter. Boston Partners now owns 4,073,684 shares of the specialty chemicals company’s stock worth $191,056,000 after buying an additional 1,269,029 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Methanex Corporation during the first quarter worth about $310,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.
About Methanex Corporation
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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