Methanex Co. (MEOH) Upgraded by Monness Crespi & Hardt to “Buy”
Monness Crespi & Hardt upgraded shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) from a neutral rating to a buy rating in a report released on Monday morning. The brokerage currently has $67.00 price objective on the specialty chemicals company’s stock.
Several other analysts also recently weighed in on the company. Scotiabank reaffirmed a sector perform rating and set a $71.00 target price on shares of Methanex in a research note on Tuesday, April 11th. Raymond James Financial, Inc. reissued an outperform rating and issued a $80.00 price objective on shares of Methanex in a research note on Monday, April 10th. Cowen and Company reissued an outperform rating and issued a $60.00 price objective on shares of Methanex in a research note on Tuesday, April 4th. TD Securities boosted their price objective on Methanex from $50.00 to $71.00 and gave the stock a hold rating in a research note on Tuesday, April 4th. Finally, CIBC raised Methanex from a sector perform rating to a sector outperform rating and boosted their price objective for the stock from $45.00 to $56.00 in a research note on Wednesday, March 29th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Methanex currently has a consensus rating of Buy and a consensus price target of $61.91.
Shares of Methanex (NASDAQ:MEOH) opened at 44.80 on Monday. The firm’s market capitalization is $4.03 billion. The stock has a 50 day moving average price of $46.82 and a 200 day moving average price of $44.22. Methanex has a 12-month low of $26.83 and a 12-month high of $53.35.
Methanex (NASDAQ:MEOH) last announced its earnings results on Wednesday, January 25th. The specialty chemicals company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.26. The firm had revenue of $585 million for the quarter, compared to the consensus estimate of $544.94 million. Methanex had a negative return on equity of 1.82% and a negative net margin of 0.63%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. Equities analysts anticipate that Methanex will post $5.04 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Friday, March 17th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Wednesday, March 15th. Methanex’s dividend payout ratio (DPR) is presently -846.15%.
Several large investors have recently made changes to their positions in MEOH. FMR LLC raised its stake in shares of Methanex by 1,228.6% in the fourth quarter. FMR LLC now owns 2,566,902 shares of the specialty chemicals company’s stock worth $112,587,000 after buying an additional 2,373,698 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Methanex during the fourth quarter worth about $41,444,000. Norges Bank bought a new stake in shares of Methanex during the fourth quarter worth about $34,961,000. FIL Ltd raised its stake in shares of Methanex by 200.5% in the fourth quarter. FIL Ltd now owns 1,168,894 shares of the specialty chemicals company’s stock worth $51,198,000 after buying an additional 779,881 shares during the period. Finally, Scheer Rowlett & Associates Investment Management Ltd. raised its stake in shares of Methanex by 28.2% in the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,162,867 shares of the specialty chemicals company’s stock worth $41,356,000 after buying an additional 255,926 shares during the period. 86.42% of the stock is currently owned by institutional investors.
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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