Methanex’s (MEOH) “Outperform” Rating Reaffirmed at Cowen
Cowen reissued their outperform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note published on Thursday. They currently have a $65.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $58.00.
Several other research analysts also recently commented on MEOH. BidaskClub downgraded shares of Methanex from a sell rating to a strong sell rating in a report on Friday, August 18th. Royal Bank of Canada reissued a hold rating on shares of Methanex in a report on Wednesday, September 27th. Scotiabank reissued a sector perform rating and issued a $67.00 price target on shares of Methanex in a report on Wednesday, October 4th. Zacks Investment Research raised shares of Methanex from a strong sell rating to a hold rating in a report on Tuesday, September 26th. Finally, ValuEngine downgraded shares of Methanex from a strong-buy rating to a buy rating in a report on Thursday, November 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of Hold and an average target price of $56.00.
Methanex (NASDAQ MEOH) traded down $0.05 during trading on Thursday, reaching $57.35. 595,349 shares of the company were exchanged, compared to its average volume of 782,953. Methanex has a fifty-two week low of $39.47 and a fifty-two week high of $58.25. The stock has a market cap of $4,805.34, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 1.03 and a beta of 1.82. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.59 and a quick ratio of 1.17.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 31st. Investors of record on Sunday, December 17th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, December 14th. Methanex’s payout ratio is presently 39.87%.
A number of large investors have recently modified their holdings of MEOH. Bank of New York Mellon Corp raised its position in Methanex by 37.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock worth $158,329,000 after purchasing an additional 976,901 shares during the period. Gotham Asset Management LLC purchased a new position in shares of Methanex in the second quarter valued at about $23,031,000. Neuberger Berman Group LLC increased its position in shares of Methanex by 21.3% in the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock valued at $70,426,000 after acquiring an additional 281,143 shares during the period. AGF Investments Inc. increased its position in shares of Methanex by 103.7% in the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after acquiring an additional 208,413 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Methanex by 98.4% in the second quarter. Renaissance Technologies LLC now owns 378,098 shares of the specialty chemicals company’s stock valued at $16,659,000 after acquiring an additional 187,500 shares during the period. Institutional investors own 83.13% of the company’s stock.
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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