Methanex Co. (MEOH) Given Average Recommendation of “Buy” by Brokerages

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) have earned an average rating of “Buy” from the fifteen research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $68.95.

Several research firms recently issued reports on MEOH. Zacks Investment Research upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating and set a $82.00 target price on the stock in a report on Tuesday, June 12th. Scotiabank boosted their target price on shares of Methanex from $69.50 to $70.00 and gave the company a “sector perform” rating in a report on Monday, June 4th. BidaskClub lowered shares of Methanex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 5th. Jefferies Financial Group boosted their target price on shares of Methanex from $72.00 to $80.00 and gave the company a “buy” rating in a report on Friday, June 8th. Finally, BMO Capital Markets boosted their target price on shares of Methanex to $80.00 and gave the company an “outperform” rating in a report on Wednesday, May 23rd.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Boston Partners raised its holdings in shares of Methanex by 0.8% during the first quarter. Boston Partners now owns 3,713,595 shares of the specialty chemicals company’s stock valued at $225,230,000 after purchasing an additional 28,442 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its holdings in shares of Methanex by 0.7% during the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 917,400 shares of the specialty chemicals company’s stock valued at $71,603,000 after purchasing an additional 6,400 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Methanex by 7.3% during the first quarter. Russell Investments Group Ltd. now owns 893,702 shares of the specialty chemicals company’s stock valued at $54,082,000 after purchasing an additional 61,092 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. raised its holdings in shares of Methanex by 0.5% during the first quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 823,437 shares of the specialty chemicals company’s stock valued at $49,850,000 after purchasing an additional 3,856 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its holdings in shares of Methanex by 55.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 526,746 shares of the specialty chemicals company’s stock valued at $31,890,000 after purchasing an additional 188,891 shares during the period. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Shares of Methanex opened at $69.75 on Tuesday, Marketbeat reports. The company has a current ratio of 1.75, a quick ratio of 1.29 and a debt-to-equity ratio of 0.78. Methanex has a twelve month low of $39.47 and a twelve month high of $72.20. The firm has a market capitalization of $5.64 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 0.82 and a beta of 1.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, April 25th. The specialty chemicals company reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.05). Methanex had a return on equity of 24.47% and a net margin of 11.00%. The business had revenue of $962.00 million during the quarter, compared to the consensus estimate of $965.83 million. During the same period in the prior year, the firm earned $1.56 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. sell-side analysts predict that Methanex will post 5.58 earnings per share for the current fiscal year.

Methanex declared that its Board of Directors has authorized a stock repurchase plan on Monday, March 5th that authorizes the company to buyback 6,590,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 30th. Stockholders of record on Saturday, June 16th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.89%. Methanex’s dividend payout ratio is currently 28.03%.

Methanex Company Profile

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.

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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