Methanex (MEOH) Given New $80.00 Price Target at Raymond James

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target reduced by Raymond James from $90.00 to $80.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. Raymond James currently has an outperform rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Methanex from a buy rating to a strong-buy rating in a research report on Friday, August 24th. Barclays started coverage on shares of Methanex in a research report on Monday, October 8th. They issued an equal weight rating and a $90.00 price objective on the stock. Cowen boosted their price objective on shares of Methanex from $80.00 to $89.00 and gave the company an outperform rating in a research report on Monday, October 15th. Monness Crespi & Hardt boosted their price objective on shares of Methanex from $75.00 to $86.00 and gave the company a buy rating in a research report on Tuesday, September 25th. Finally, Tudor Pickering upgraded shares of Methanex from a hold rating to a buy rating and set a $84.00 price objective on the stock in a research report on Monday, October 29th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Methanex has an average rating of Buy and an average price target of $81.50.

Shares of NASDAQ:MEOH opened at $55.44 on Wednesday. The firm has a market capitalization of $4.34 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 0.54 and a beta of 1.62. Methanex has a 52 week low of $51.05 and a 52 week high of $83.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.27 and a current ratio of 1.70.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 24th. The specialty chemicals company reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.07). The business had revenue of $1.04 billion during the quarter. Methanex had a return on equity of 34.25% and a net margin of 12.48%. As a group, equities analysts forecast that Methanex will post 6.88 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Friday, December 14th. Methanex’s payout ratio is 28.03%.

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Canada Pension Plan Investment Board increased its position in shares of Methanex by 60.1% during the second quarter. Canada Pension Plan Investment Board now owns 601,759 shares of the specialty chemicals company’s stock valued at $42,525,000 after buying an additional 226,000 shares during the period. Janus Henderson Group PLC increased its position in shares of Methanex by 173.8% during the second quarter. Janus Henderson Group PLC now owns 350,291 shares of the specialty chemicals company’s stock valued at $24,753,000 after buying an additional 222,338 shares during the period. AQR Capital Management LLC increased its position in shares of Methanex by 9.0% during the third quarter. AQR Capital Management LLC now owns 2,441,352 shares of the specialty chemicals company’s stock valued at $192,573,000 after buying an additional 200,663 shares during the period. Strs Ohio purchased a new position in shares of Methanex during the second quarter valued at about $13,345,000. Finally, TD Asset Management Inc. increased its position in shares of Methanex by 25.1% during the second quarter. TD Asset Management Inc. now owns 737,671 shares of the specialty chemicals company’s stock valued at $52,128,000 after buying an additional 147,874 shares during the period. Institutional investors own 74.99% of the company’s stock.

Methanex Company Profile

Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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