Alembic Global Advisors Reiterates $65.00 Price Target for Methanex Corporation (NASDAQ:MEOH)

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) received a $65.00 target price from research analysts at Alembic Global Advisors in a research report issued to clients and investors on Thursday, July 27th. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Alembic Global Advisors’ price objective would indicate a potential upside of 47.23% from the company’s previous close.

MEOH has been the subject of a number of other research reports. Scotiabank raised their target price on shares of Methanex Corporation from $51.00 to $71.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 4th. TD Securities raised their target price on shares of Methanex Corporation from $50.00 to $71.00 and gave the company a “hold” rating in a research report on Tuesday, April 4th. CIBC raised shares of Methanex Corporation from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $45.00 to $56.00 in a research report on Wednesday, March 29th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Methanex Corporation in a research report on Monday, April 10th. Finally, Sanford C. Bernstein initiated coverage on shares of Methanex Corporation in a research report on Wednesday, May 10th. They issued an “underperform” rating and a $36.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $56.80.

Shares of Methanex Corporation (NASDAQ MEOH) opened at 44.15 on Thursday. The company has a 50 day moving average of $44.65 and a 200 day moving average of $45.47. Methanex Corporation has a 1-year low of $28.17 and a 1-year high of $53.35. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 17.18 and a beta of 1.78.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by $0.23. The business had revenue of $669 million during the quarter, compared to the consensus estimate of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The firm’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same period last year, the business posted ($0.34) EPS. On average, equities analysts forecast that Methanex Corporation will post $3.80 earnings per share for the current fiscal year.

Methanex Corporation announced that its board has initiated a share repurchase program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

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Several hedge funds have recently bought and sold shares of the company. World Asset Management Inc boosted its stake in Methanex Corporation by 0.8% in the first quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock worth $262,000 after buying an additional 46 shares in the last quarter. BB&T Corp boosted its stake in Methanex Corporation by 0.3% in the second quarter. BB&T Corp now owns 22,466 shares of the specialty chemicals company’s stock worth $990,000 after buying an additional 66 shares in the last quarter. Korea Investment CORP boosted its stake in Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after buying an additional 101 shares in the last quarter. Creative Planning boosted its stake in Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 152 shares in the last quarter. Finally, Comerica Bank boosted its stake in Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after buying an additional 178 shares in the last quarter. Institutional investors own 83.91% of the company’s stock.

Methanex Corporation Company Profile

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.

Analyst Recommendations for Methanex Corporation (NASDAQ:MEOH)

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