Methanex Corporation (MEOH) Receives Sector Perform Rating from Scotiabank
Scotiabank restated their sector perform rating on shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in a report released on Wednesday. The brokerage currently has a $67.00 price objective on the specialty chemicals company’s stock.
Other research analysts have also issued research reports about the company. Cowen and Company set a $60.00 target price on Methanex Corporation and gave the company a buy rating in a report on Friday, July 28th. Alembic Global Advisors set a $65.00 target price on Methanex Corporation and gave the company a buy rating in a report on Thursday, July 27th. BMO Capital Markets reaffirmed a buy rating on shares of Methanex Corporation in a report on Friday, June 30th. ValuEngine raised Methanex Corporation from a hold rating to a buy rating in a report on Friday, June 16th. Finally, Monness Crespi & Hardt reduced their target price on Methanex Corporation from $62.00 to $59.00 and set a buy rating for the company in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $56.27.
Methanex Corporation (NASDAQ:MEOH) traded down 0.68% during midday trading on Wednesday, reaching $51.00. 479,501 shares of the company traded hands. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 19.84 and a beta of 1.76. Methanex Corporation has a one year low of $34.45 and a one year high of $53.35. The firm has a 50-day moving average price of $49.49 and a 200-day moving average price of $45.52.
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 for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.23). The company had revenue of $669.00 million for the quarter, compared to analysts’ expectations of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The firm’s quarterly revenue was up 42.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.34) EPS. Equities analysts predict that Methanex Corporation will post $3.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, September 30th. Investors of record on Saturday, September 16th were given a $0.30 dividend. The ex-dividend date was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.35%. Methanex Corporation’s payout ratio is 47.81%.
Methanex Corporation announced that its board has authorized a share buyback program on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP lifted its position 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 buying an additional 647 shares during the last quarter. FNY Partners Fund LP bought a new stake in Methanex Corporation in the 1st quarter worth approximately $117,000. Turner Investments LLC bought a new stake in Methanex Corporation in the 2nd quarter worth approximately $221,000. Korea Investment CORP lifted its position 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 buying an additional 101 shares during the last quarter. Finally, Comerica Bank lifted its position in Methanex Corporation by 3.1% in the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after buying an additional 178 shares during the last quarter. Institutional investors own 81.91% 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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