Cowen and Company restated their outperform rating on shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in a research note released on Monday morning, Marketbeat reports. The brokerage currently has a $58.00 target price on the specialty chemicals company’s stock, up from their previous target price of $55.00.
Other equities research analysts also recently issued research reports about the company. BidaskClub upgraded Methanex Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Jefferies Group LLC boosted their price objective on Methanex Corporation to $60.00 and gave the company a buy rating in a report on Tuesday, September 12th. Monness Crespi & Hardt decreased their price objective on Methanex Corporation from $62.00 to $59.00 and set a buy rating for the company in a report on Friday, July 28th. BMO Capital Markets restated a buy rating on shares of Methanex Corporation in a report on Friday, June 30th. Finally, Royal Bank Of Canada decreased their price objective on Methanex Corporation from $54.00 to $50.00 and set a sector perform rating for the company in a report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $56.47.
Methanex Corporation (NASDAQ:MEOH) opened at 50.30 on Monday. Methanex Corporation has a 52-week low of $34.45 and a 52-week high of $53.35. The firm has a market cap of $4.33 billion, a P/E ratio of 19.57 and a beta of 1.76. The firm’s 50-day moving average price is $50.35 and its 200-day moving average price is $45.72.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). The firm had revenue of $669.00 million for the quarter, compared to the consensus estimate of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The company’s revenue was up 42.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) EPS. Equities research analysts expect that Methanex Corporation will post $3.99 EPS for the current year.
Methanex Corporation declared that its board has authorized a stock 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 buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.39%. Methanex Corporation’s dividend payout ratio is currently 47.81%.
A number of hedge funds have recently bought and sold shares of the business. Bank of Nova Scotia boosted its position in Methanex Corporation by 43.0% in the second quarter. Bank of Nova Scotia now owns 84,145 shares of the specialty chemicals company’s stock worth $3,715,000 after purchasing an additional 25,292 shares during the last quarter. Gotham Asset Management LLC purchased a new position in Methanex Corporation in the second quarter worth $23,031,000. AHL Partners LLP purchased a new position in Methanex Corporation in the second quarter worth $300,000. QCM Cayman Ltd. purchased a new position in Methanex Corporation in the second quarter worth $482,000. Finally, Clinton Group Inc. boosted its position in Methanex Corporation by 51.1% in the second quarter. Clinton Group Inc. now owns 45,492 shares of the specialty chemicals company’s stock worth $2,004,000 after purchasing an additional 15,390 shares during the last quarter. 81.91% 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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