Methanex Corp. (NASDAQ:MEOH) had its target price increased by analysts at BMO Capital Markets from $36.00 to $40.00 in a research note issued on Thursday. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective points to a potential upside of 12.11% from the company’s current price.
MEOH has been the subject of several other reports. Citigroup Inc. reiterated a “hold” rating and issued a $31.00 price objective (down from $35.00) on shares of Methanex Corp. in a report on Friday, July 15th. Jefferies Group reiterated a “buy” rating on shares of Methanex Corp. in a report on Wednesday, July 6th. TD Securities upgraded Methanex Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Scotiabank reiterated an “outperform” rating and issued a $35.00 price objective on shares of Methanex Corp. in a report on Wednesday, August 31st. Finally, CIBC upgraded Methanex Corp. from a “sector perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Tuesday, July 5th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $39.45.
Methanex Corp. (NASDAQ:MEOH) opened at 35.68 on Thursday. The company has a market capitalization of $3.20 billion, a PE ratio of 80.91 and a beta of 1.99. The company has a 50 day moving average of $30.40 and a 200 day moving average of $30.98. Methanex Corp. has a 52-week low of $22.73 and a 52-week high of $44.95.
Methanex Corp. (NASDAQ:MEOH) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.25) by $0.09. Methanex Corp. had a return on equity of 2.10% and a net margin of 3.22%. The business earned $468 million during the quarter, compared to the consensus estimate of $422.82 million. During the same quarter in the previous year, the business posted $0.56 earnings per share. Methanex Corp.’s quarterly revenue was down 26.6% compared to the same quarter last year. On average, equities research analysts forecast that Methanex Corp. will post ($0.77) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were issued 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 dividend payout ratio is presently 305.56%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its position in Methanex Corp. by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 9,165 shares of the company’s stock worth $380,000 after buying an additional 3,300 shares in the last quarter. BlackRock Group LTD boosted its position in 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 in the last quarter. Stonebridge Capital Management Inc. boosted its position in Methanex Corp. by 34.5% in the second quarter. Stonebridge Capital Management Inc. now owns 10,625 shares of the company’s stock worth $309,000 after buying an additional 2,725 shares in the last quarter. BlackRock Inc. boosted its position in 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 in the last quarter. Finally, CIBC World Markets Inc. boosted its position in Methanex Corp. by 10.0% in the second quarter. CIBC World Markets Inc. now owns 31,362 shares of the company’s stock worth $913,000 after buying an additional 2,853 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors.
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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