Methanex Corporation (NASDAQ:MEOH) (TSE:MX) has received a consensus rating of “Hold” from the eighteen brokerages that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $57.00.
Several research analysts have recently commented on MEOH shares. TheStreet raised Methanex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, May 2nd. Monness Crespi & Hardt raised Methanex Corporation from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Monday, April 17th. BMO Capital Markets reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Methanex Corporation in a research note on Thursday, April 27th. TD Securities raised Methanex Corporation from a “hold” rating to a “buy” rating and raised their price objective for the stock from $53.00 to $56.00 in a research note on Friday, April 28th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Methanex Corporation in a research note on Monday, May 15th.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Boston Partners boosted its position in Methanex Corporation by 45.2% in the first quarter. Boston Partners now owns 4,073,684 shares of the specialty chemicals company’s stock valued at $191,056,000 after buying an additional 1,269,029 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Methanex Corporation by 37.3% in the second quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock valued at $158,329,000 after buying an additional 976,901 shares in the last quarter. FMR LLC boosted its position in Methanex Corporation by 30.2% in the first quarter. FMR LLC now owns 3,341,500 shares of the specialty chemicals company’s stock valued at $156,568,000 after buying an additional 774,598 shares in the last quarter. Morgan Stanley boosted its position in Methanex Corporation by 337.8% in the first quarter. Morgan Stanley now owns 452,878 shares of the specialty chemicals company’s stock valued at $21,240,000 after buying an additional 349,445 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new position in Methanex Corporation during the first quarter valued at $15,981,000. Institutional investors and hedge funds own 82.92% of the company’s stock.
Shares of Methanex Corporation (NASDAQ MEOH) opened at 43.90 on Friday. The stock’s 50 day moving average price is $44.48 and its 200 day moving average price is $45.59. Methanex Corporation has a 12 month low of $28.17 and a 12 month high of $53.35. The company has a market capitalization of $3.78 billion, a PE ratio of 17.08 and a beta of 1.78.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.08 by $0.23. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The company had revenue of $669 million during the quarter, compared to the consensus estimate of $772.41 million. During the same period last year, the business earned ($0.34) EPS. The firm’s quarterly revenue was up 42.9% compared to the same quarter last year. On average, analysts forecast that Methanex Corporation will post $3.80 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.73%. The ex-dividend date is Thursday, September 14th. Methanex Corporation’s dividend payout ratio is presently 47.81%.
Methanex Corporation declared that its board has authorized a stock repurchase plan on Wednesday, July 26th that permits the company to buyback 1,660,000 shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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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