Raymond James Financial Inc. lowered shares of Methanex Corp. (NASDAQ:MEOH) from a strong-buy rating to an outperform rating in a research report released on Monday morning. Raymond James Financial Inc. currently has $40.00 price target on the stock, up from their previous price target of $37.00.
A number of other research analysts have also recently issued reports on the company. CIBC raised Methanex Corp. from a sector perform rating to an outperform rating and set a $37.00 price objective for the company in a report on Tuesday, July 5th. BMO Capital Markets lifted their price objective on Methanex Corp. from $36.00 to $40.00 and gave the company an outperform rating in a report on Thursday, September 29th. Jefferies Group reissued a buy rating on shares of Methanex Corp. in a report on Wednesday, July 6th. TD Securities raised Methanex Corp. from a hold rating to a buy rating in a report on Friday, July 29th. Finally, Zacks Investment Research raised Methanex Corp. from a strong sell rating to a hold rating in a report on Tuesday, July 19th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $39.45.
Methanex Corp. (NASDAQ:MEOH) opened at 35.66 on Monday. Methanex Corp. has a 52-week low of $22.73 and a 52-week high of $44.95. The stock’s 50 day moving average is $30.92 and its 200 day moving average is $30.94. The company has a market cap of $3.20 billion, a price-to-earnings ratio of 80.86 and a beta of 2.00.
Methanex Corp. (NASDAQ:MEOH) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.09. The company had revenue of $468 million for the quarter, compared to the consensus estimate of $422.82 million. Methanex Corp. had a net margin of 3.22% and a return on equity of 2.10%. The firm’s revenue was down 26.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.56 earnings per share. Equities research analysts forecast that Methanex Corp. will post ($0.77) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a $0.275 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.08%. Methanex Corp.’s payout ratio is 305.56%.
A number of hedge funds have recently made changes to their positions in MEOH. Ngam Advisors L.P. raised its stake in shares of Methanex Corp. by 43.2% in the first quarter. Ngam Advisors L.P. now owns 14,319 shares of the company’s stock worth $460,000 after buying an additional 4,317 shares during the last quarter. BlackRock Inc. raised its stake in shares of Methanex Corp. by 11.0% in the first quarter. BlackRock Inc. now owns 38,190 shares of the company’s stock worth $1,227,000 after buying an additional 3,790 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Methanex Corp. by 2.5% in the first quarter. BlackRock Group LTD now owns 70,300 shares of the company’s stock worth $2,258,000 after buying an additional 1,700 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Methanex Corp. by 243.9% in the first quarter. JPMorgan Chase & Co. now owns 308,463 shares of the company’s stock worth $9,908,000 after buying an additional 218,770 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Methanex Corp. during the first quarter worth approximately $816,000. Hedge funds and other institutional investors own 87.01% of the company’s stock.
About Methanex Corp.
Methanex Corporation is a 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, and 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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