Methanex Corporation (MEOH) Receives Hold Rating from Royal Bank Of Canada
Several other research firms also recently issued reports on MEOH. Jefferies Group LLC upped their price objective on shares of Methanex Corporation to $60.00 and gave the company a buy rating in a research note on Tuesday, September 12th. Cowen and Company reiterated a buy rating and set a $55.00 target price on shares of Methanex Corporation in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Methanex Corporation from a strong sell rating to a hold rating in a research note on Tuesday. TD Securities increased their target price on shares of Methanex Corporation to $71.00 and gave the stock a buy rating in a research note on Monday, September 18th. Finally, Alembic Global Advisors set a $65.00 target price on shares of Methanex Corporation and gave the stock a buy rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $57.93.
Shares of Methanex Corporation (MEOH) traded up 0.68% during mid-day trading on Wednesday, reaching $51.65. The company’s stock had a trading volume of 204,684 shares. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 20.10 and a beta of 1.74. The company’s 50-day moving average is $47.37 and its 200-day moving average is $45.19. Methanex Corporation has a 52 week low of $30.43 and a 52 week high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data 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 net margin of 8.92% and a return on equity of 12.43%. The company had revenue of $669.00 million during the quarter, compared to analyst estimates of $772.41 million. During the same quarter in the prior year, the company earned ($0.34) EPS. The business’s revenue was up 42.9% on a year-over-year basis. Equities analysts predict that Methanex Corporation will post $3.93 EPS for the current year.
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Methanex Corporation declared that its Board of Directors has authorized a share buyback program on Wednesday, July 26th that allows the company to buyback 1,660,000 shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.34%. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.
Several institutional investors and hedge funds have recently modified their holdings of the company. World Asset Management Inc increased its stake in shares of Methanex Corporation by 0.8% during the 1st quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock worth $262,000 after purchasing an additional 46 shares in the last quarter. BB&T Corp increased its stake in shares of Methanex Corporation by 0.3% during the 2nd quarter. BB&T Corp now owns 22,466 shares of the specialty chemicals company’s stock worth $990,000 after purchasing an additional 66 shares in the last quarter. Korea Investment CORP increased its stake in shares of Methanex Corporation by 1.8% during 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. Comerica Bank increased its stake in shares of Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after purchasing an additional 178 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Methanex Corporation by 3.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,948 shares of the specialty chemicals company’s stock worth $305,000 after purchasing an additional 259 shares in the last quarter. 81.91% of the stock is owned by institutional investors and hedge funds.
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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