Methanex Corporation (MEOH) Rating Reiterated by Cowen and Company

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)‘s stock had its “outperform” rating reaffirmed by analysts at Cowen and Company in a research report issued on Monday, October 9th, Marketbeat reports. They presently have a $58.00 price target on the specialty chemicals company’s stock, up from their prior price target of $55.00. Cowen and Company’s price target would indicate a potential upside of 17.41% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. TD Securities upped their target price on shares of Methanex Corporation to $71.00 and gave the stock a “buy” rating in a research report on Monday, September 18th. Royal Bank Of Canada reduced their target price on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 18th. ValuEngine raised shares of Methanex Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 16th. Scotiabank set a $53.00 target price on shares of Methanex Corporation and gave the stock a “sector perform” rating in a research report on Tuesday, July 4th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Methanex Corporation in a research report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. Methanex Corporation presently has a consensus rating of “Hold” and a consensus target price of $56.73.

Shares of Methanex Corporation (NASDAQ:MEOH) opened at 49.40 on Monday. The firm has a market capitalization of $4.25 billion, a PE ratio of 19.22 and a beta of 1.76. Methanex Corporation has a 12-month low of $34.45 and a 12-month high of $53.35. The firm has a 50-day moving average of $50.72 and a 200-day moving average of $45.77.

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 the Zacks’ consensus estimate of $1.08 by ($0.23). The business had revenue of $669.00 million during the quarter, compared to analysts’ expectations of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The firm’s quarterly revenue was up 42.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.34) earnings per share. Equities analysts anticipate that Methanex Corporation will post $3.94 earnings per share for the current year.

Methanex Corporation declared that its board has initiated a stock buyback plan on Wednesday, July 26th that authorizes the company to buyback 1,660,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Nova Scotia lifted its stake in Methanex Corporation by 43.0% during the 2nd quarter. Bank of Nova Scotia now owns 84,145 shares of the specialty chemicals company’s stock valued at $3,715,000 after acquiring an additional 25,292 shares during the period. Gotham Asset Management LLC bought a new position in shares of Methanex Corporation in the 2nd quarter worth approximately $23,031,000. AHL Partners LLP bought a new position in shares of Methanex Corporation in the 2nd quarter worth approximately $300,000. QCM Cayman Ltd. bought a new position in shares of Methanex Corporation in the 2nd quarter worth approximately $482,000. Finally, Clinton Group Inc. lifted its stake in shares of Methanex Corporation by 51.1% in the 2nd quarter. Clinton Group Inc. now owns 45,492 shares of the specialty chemicals company’s stock worth $2,004,000 after purchasing an additional 15,390 shares during the period. Institutional investors and hedge funds own 81.87% of the company’s stock.

About Methanex Corporation

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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