Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its target price increased by Jefferies Group LLC to $60.00 in a report published on Tuesday, The Fly reports. Jefferies Group LLC currently has a buy rating on the specialty chemicals company’s stock. Jefferies Group also issued estimates for Methanex Corporation’s Q3 2017 earnings at $0.41 EPS, Q4 2017 earnings at $0.18 EPS and FY2017 earnings at $2.91 EPS.
A number of other brokerages have also recently weighed in on MEOH. Cowen and Company reissued a buy rating and set a $55.00 target price on shares of Methanex Corporation in a report on Friday, September 1st. Alembic Global Advisors set a $65.00 target price on shares of Methanex Corporation and gave the stock a buy rating in a report on Thursday, July 27th. Scotiabank increased their target price on shares of Methanex Corporation from $53.00 to $95.00 and gave the stock a sector perform rating in a report on Thursday, July 27th. Royal Bank Of Canada dropped 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 report on Tuesday, July 18th. Finally, BidaskClub raised shares of Methanex Corporation from a strong sell rating to a sell rating in a report on Friday, August 25th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $56.80.
Shares of Methanex Corporation (NASDAQ MEOH) opened at 50.60 on Tuesday. The company’s 50-day moving average is $46.94 and its 200 day moving average is $45.24. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 19.69 and a beta of 1.74. Methanex Corporation has a 52 week low of $28.77 and a 52 week high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued 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 for the quarter, compared to analyst estimates of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The firm’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. Analysts anticipate that Methanex Corporation will post $3.86 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.37%. Methanex Corporation’s payout ratio is 47.81%.
Methanex Corporation declared that its board has approved 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. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP increased its stake in Methanex Corporation by 40.9% during the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after buying an additional 647 shares during the period. FNY Partners Fund LP acquired a new position in Methanex Corporation during the 1st quarter valued at about $117,000. Turner Investments LLC acquired a new position in Methanex Corporation during the 2nd quarter valued at about $221,000. Worth Venture Partners LLC acquired a new position in Methanex Corporation during the 1st quarter valued at about $227,000. Finally, Korea Investment CORP increased its stake in Methanex Corporation by 1.8% during the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after buying an additional 101 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.
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.
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