Methanex (NASDAQ:MEOH) (TSE:MX) had its price target boosted by stock analysts at Cowen from $69.00 to $75.00 in a note issued to investors on Tuesday. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Cowen’s price objective would indicate a potential upside of 11.28% from the company’s current price.
Other research analysts also recently issued reports about the company. Monness Crespi & Hardt boosted their price target on Methanex from $65.00 to $72.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Jefferies Group boosted their price target on Methanex to $72.00 and gave the company a “buy” rating in a report on Wednesday, January 3rd. TD Securities boosted their price target on Methanex from $59.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. Alembic Global Advisors reiterated a “buy” rating on shares of Methanex in a report on Monday, January 8th. Finally, BidaskClub downgraded Methanex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Methanex has an average rating of “Hold” and a consensus price target of $59.71.
Shares of MEOH opened at $67.40 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.66 and a quick ratio of 1.25. The firm has a market capitalization of $5,559.00, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.72 and a beta of 1.63. Methanex has a fifty-two week low of $39.47 and a fifty-two week high of $67.80.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.51. The company had revenue of $861.00 million during the quarter, compared to the consensus estimate of $796.57 million. Methanex had a return on equity of 22.72% and a net margin of 10.34%. Methanex’s revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. analysts forecast that Methanex will post 6.18 EPS for the current year.
Methanex announced that its board has approved a share repurchase program on Monday, March 5th that permits the company to buyback 6,590,000 shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently added to or reduced their stakes in the company. FineMark National Bank & Trust acquired a new stake in shares of Methanex during the 4th quarter worth $253,000. FNY Partners Fund LP purchased a new stake in Methanex during the 4th quarter worth $302,000. AXA purchased a new stake in Methanex during the 4th quarter worth $442,000. Twin Tree Management LP purchased a new stake in Methanex during the 4th quarter worth $679,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new stake in Methanex during the 4th quarter worth $759,000. Institutional investors and hedge funds own 80.29% of the company’s stock.
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Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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