Scotiabank set a $69.50 target price on Methanex (NASDAQ:MEOH) (TSE:MX) in a research report report published on Tuesday morning. The brokerage currently has a sector perform rating on the specialty chemicals company’s stock.
A number of other brokerages have also recently weighed in on MEOH. Jefferies Group lifted their price target on shares of Methanex to $72.00 and gave the stock a buy rating in a research report on Wednesday, January 3rd. TD Securities cut shares of Methanex from a buy rating to a hold rating and set a $66.00 price target on the stock. in a research report on Monday, January 8th. They noted that the move was a valuation call. Alembic Global Advisors reissued a buy rating on shares of Methanex in a research report on Monday, January 8th. BidaskClub cut shares of Methanex from a strong-buy rating to a buy rating in a research report on Tuesday, January 9th. Finally, CIBC cut shares of Methanex from an outperform rating to a neutral rating in a research report on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $59.86.
MEOH opened at $65.90 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. Methanex has a 52 week low of $39.47 and a 52 week high of $69.75. The firm has a market cap of $5,571.57, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 0.70 and a beta of 1.63.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, January 31st. The specialty chemicals company reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.51. Methanex had a net margin of 10.34% and a return on equity of 22.72%. The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $796.57 million. During the same quarter in the previous year, the business earned $0.46 EPS. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. equities analysts expect that Methanex will post 6.35 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 31st. Investors of record on Saturday, March 17th were given a $0.33 dividend. This is a boost from Methanex’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 2.00%. The ex-dividend date was Thursday, March 15th. Methanex’s payout ratio is currently 28.03%.
Methanex announced that its board has approved a stock repurchase plan on Monday, March 5th that authorizes the company to repurchase 6,590,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its position in Methanex by 4.0% during the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 911,000 shares of the specialty chemicals company’s stock worth $69,382,000 after buying an additional 35,363 shares in the last quarter. Jane Street Group LLC lifted its position in Methanex by 62.0% during the 4th quarter. Jane Street Group LLC now owns 38,078 shares of the specialty chemicals company’s stock worth $2,306,000 after buying an additional 14,574 shares in the last quarter. AMP Capital Investors Ltd lifted its position in Methanex by 4.4% during the 4th quarter. AMP Capital Investors Ltd now owns 167,674 shares of the specialty chemicals company’s stock worth $10,191,000 after buying an additional 7,025 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Methanex during the 4th quarter worth about $759,000. Finally, AXA bought a new stake in Methanex during the 4th quarter worth about $442,000. 81.30% of the stock is currently owned by institutional investors and hedge funds.
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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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