Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its price target lifted by TD Securities from $58.00 to $59.00 in a research report issued on Friday, October 27th. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price objective points to a potential upside of 14.34% from the stock’s current price.
A number of other research analysts also recently issued reports on the stock. Scotiabank set a $53.50 price target on shares of Methanex Corporation and gave the stock a “sector perform” rating in a research report on Thursday, October 26th. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price target on shares of Methanex Corporation in a research report on Thursday, October 19th. UBS AG raised their price target on shares of Methanex Corporation from $42.00 to $44.00 and gave the stock a “sell” rating in a research report on Friday, October 13th. Cowen and Company restated an “outperform” rating and issued a $58.00 price target (up from $55.00) on shares of Methanex Corporation in a research report on Monday, October 9th. Finally, Zacks Investment Research upgraded shares of Methanex Corporation from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Tuesday, October 3rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $54.17.
Methanex Corporation (NASDAQ MEOH) opened at $51.60 on Friday. The firm has a market cap of $4,385.66, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.97 and a beta of 1.80. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83. Methanex Corporation has a fifty-two week low of $37.05 and a fifty-two week high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The company had revenue of $720.00 million during the quarter, compared to analyst estimates of $614.19 million. Methanex Corporation had a net margin of 9.81% and a return on equity of 16.02%. The firm’s revenue for the quarter was up 41.2% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. sell-side analysts predict that Methanex Corporation will post 3.59 earnings per share for the current year.
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.
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Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. increased its stake in Methanex Corporation by 76.1% during the 2nd quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock valued at $4,458,000 after buying an additional 43,776 shares during the period. Intact Investment Management Inc. grew its stake in shares of Methanex Corporation by 43.4% in the 2nd quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock worth $3,696,000 after purchasing an additional 19,600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Methanex Corporation by 17.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock worth $2,008,000 after purchasing an additional 6,822 shares during the last quarter. AHL Partners LLP acquired a new position in shares of Methanex Corporation in the 2nd quarter worth approximately $300,000. Finally, AGF Investments Inc. grew its stake in shares of Methanex Corporation by 103.7% in the 2nd quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after purchasing an additional 208,413 shares during the last quarter. 84.31% 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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