Methanex (MEOH) Lowered to Buy at ValuEngine

ValuEngine lowered shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a strong-buy rating to a buy rating in a research note published on Thursday morning.

A number of other research analysts have also issued reports on the company. Scotiabank boosted their price target on Methanex from $53.50 to $74.00 and gave the stock a sector perform rating in a research report on Thursday. BMO Capital Markets reiterated a buy rating and set a $57.00 price target on shares of Methanex in a research report on Friday, November 24th. Raymond James Financial lowered Methanex from an outperform rating to a market perform rating and set a $60.00 price target for the company. in a research report on Tuesday, October 31st. Royal Bank Of Canada boosted their price target on Methanex from $50.00 to $57.00 and gave the stock a sector perform rating in a research report on Friday, October 27th. Finally, TD Securities boosted their price target on Methanex from $58.00 to $59.00 and gave the stock a buy rating in a research report on Friday, October 27th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Methanex has a consensus rating of Hold and an average target price of $55.53.

Shares of Methanex (MEOH) traded up $0.90 during mid-day trading on Thursday, reaching $54.15. The company’s stock had a trading volume of 830,600 shares, compared to its average volume of 789,740. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.83. Methanex has a one year low of $39.47 and a one year high of $54.33. The firm has a market cap of $4,545.13, a price-to-earnings ratio of 16.46, a PEG ratio of 0.97 and a beta of 1.82.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. Methanex had a return on equity of 16.02% and a net margin of 9.81%. The company had revenue of $720.00 million during the quarter, compared to analyst estimates of $614.19 million. During the same quarter in the previous year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. analysts predict that Methanex will post 3.72 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Thursday, December 14th. Methanex’s dividend payout ratio is presently 39.87%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace North America L.P. raised its position in shares of Methanex by 76.1% during the second quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock worth $4,458,000 after purchasing an additional 43,776 shares during the period. Intact Investment Management Inc. raised its position in shares of Methanex by 43.4% during the second quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock worth $3,696,000 after purchasing an additional 19,600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Methanex by 17.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock worth $2,008,000 after purchasing an additional 6,822 shares during the period. AHL Partners LLP acquired a new stake in shares of Methanex during the second quarter worth $300,000. Finally, AGF Investments Inc. raised its position in shares of Methanex by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after purchasing an additional 208,413 shares during the period. 83.13% of the stock is currently owned by institutional investors.

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About Methanex

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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