Methanex Corporation (MEOH) Price Target Raised to $60.00 at Jefferies Group LLC
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its price objective lifted by Jefferies Group LLC to $60.00 in a report released on Tuesday morning. They currently have a buy rating on the specialty chemicals company’s stock.
Several other equities research analysts have also issued reports on the stock. ValuEngine raised shares of Methanex Corporation from a hold rating to a buy rating in a research note on Friday, June 16th. Royal Bank Of Canada lowered their target price on shares of Methanex Corporation from $54.00 to $50.00 and set a sector perform rating on the stock in a research note on Tuesday, July 18th. Scotiabank set a $53.00 target price on shares of Methanex Corporation and gave the stock a sector perform rating in a research note on Tuesday, July 4th. BMO Capital Markets reissued a buy rating on shares of Methanex Corporation in a research note on Friday, June 30th. Finally, Zacks Investment Research lowered shares of Methanex Corporation from a strong-buy rating to a hold rating in a research note on Tuesday, May 23rd. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $56.80.
Shares of Methanex Corporation (NASDAQ MEOH) traded up 0.911% during trading on Tuesday, hitting $52.625. The stock had a trading volume of 117,748 shares. The firm has a market cap of $4.53 billion, a P/E ratio of 20.477 and a beta of 1.74. Methanex Corporation has a 12-month low of $28.77 and a 12-month high of $53.35. The firm has a 50 day moving average price of $46.27 and a 200 day moving average price of $45.15.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.23). Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The firm had revenue of $669.00 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same period in the previous year, the company earned ($0.34) earnings per share. The company’s revenue was up 42.9% compared to the same quarter last year. On average, equities analysts expect that Methanex Corporation will post $3.86 earnings per share for the current fiscal year.
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Methanex Corporation declared that its board has authorized a share buyback program on Wednesday, July 26th that allows the company to repurchase 1,660,000 outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is 47.81%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP lifted its stake in Methanex Corporation by 40.9% in the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after purchasing an additional 647 shares in the last quarter. FNY Partners Fund LP purchased a new position in Methanex Corporation in the 1st quarter worth approximately $117,000. Turner Investments LLC purchased a new position in Methanex Corporation in the 2nd quarter worth approximately $221,000. Worth Venture Partners LLC purchased a new position in Methanex Corporation in the 1st quarter worth approximately $227,000. Finally, Korea Investment CORP lifted its stake in Methanex Corporation by 1.8% in the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after purchasing an additional 101 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.
Methanex Corporation Company Profile
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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