Methanex (MEOH) Hits New 52-Week High on Analyst Upgrade
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares hit a new 52-week high on Friday after Scotiabank raised their price target on the stock from $53.50 to $74.00. Scotiabank currently has a sector perform rating on the stock. Methanex traded as high as $54.00 and last traded at $53.25, with a volume of 728900 shares traded. The stock had previously closed at $52.10.
Several other research analysts also recently weighed in on MEOH. BidaskClub downgraded Methanex from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Methanex in a research note on Friday, August 25th. Cowen reissued a “buy” rating and issued a $55.00 price objective on shares of Methanex in a research note on Friday, September 1st. Jefferies Group increased their price objective on Methanex to $60.00 and gave the company a “buy” rating in a research note on Tuesday, September 12th. Finally, TD Securities increased their price objective on Methanex to $71.00 and gave the company a “buy” rating in a research note on Monday, September 18th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. Methanex currently has a consensus rating of “Hold” and an average price target of $55.53.
A number of large investors have recently modified their holdings of the business. Korea Investment CORP grew its holdings in Methanex by 1.8% in the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after buying an additional 101 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Methanex by 3.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,948 shares of the specialty chemicals company’s stock valued at $305,000 after buying an additional 259 shares in the last quarter. NGAM Advisors L.P. grew its holdings in Methanex by 1.5% in the 2nd quarter. NGAM Advisors L.P. now owns 22,054 shares of the specialty chemicals company’s stock valued at $971,000 after buying an additional 333 shares in the last quarter. Sei Investments Co. grew its holdings in Methanex by 1.5% in the 2nd quarter. Sei Investments Co. now owns 59,413 shares of the specialty chemicals company’s stock valued at $2,617,000 after buying an additional 872 shares in the last quarter. Finally, Ingalls & Snyder LLC grew its holdings in Methanex by 0.5% in the 3rd quarter. Ingalls & Snyder LLC now owns 236,686 shares of the specialty chemicals company’s stock valued at $11,905,000 after buying an additional 1,270 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The company had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $614.19 million. Methanex had a return on equity of 16.02% and a net margin of 9.81%. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. equities research analysts anticipate that Methanex Corporation will post 3.72 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, December 31st. Shareholders of record on Sunday, December 17th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.22%. The ex-dividend date is Thursday, December 14th. Methanex’s payout ratio is currently 39.09%.
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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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