Alembic Global Advisors Analysts Give Methanex Corporation (NASDAQ:MEOH) a $65.00 Price Target
Alembic Global Advisors set a $65.00 target price on Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in a report published on Thursday morning. The brokerage currently has a buy rating on the specialty chemicals company’s stock.
A number of other research firms have also issued reports on MEOH. Scotiabank reiterated a sector perform rating and issued a $71.00 target price on shares of Methanex Corporation in a report on Tuesday, April 11th. Cowen and Company reaffirmed an outperform rating and set a $60.00 price target on shares of Methanex Corporation in a report on Tuesday, April 4th. TD Securities lifted their price target on Methanex Corporation from $50.00 to $71.00 and gave the stock a hold rating in a report on Tuesday, April 4th. Raymond James Financial, Inc. reaffirmed an outperform rating and set a $80.00 price target on shares of Methanex Corporation in a report on Monday, April 10th. Finally, Zacks Investment Research raised Methanex Corporation from a hold rating to a strong-buy rating and set a $54.00 price target for the company in a report on Wednesday, April 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $56.80.
Methanex Corporation (NASDAQ:MEOH) traded down 1.66% on Thursday, hitting $44.45. The stock had a trading volume of 683,297 shares. Methanex Corporation has a 52-week low of $26.83 and a 52-week high of $53.35. The company has a market cap of $3.83 billion, a P/E ratio of 17.30 and a beta of 1.78. The firm’s 50-day moving average is $43.54 and its 200-day moving average is $45.68.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. The company had revenue of $669 million during the quarter, compared to analysts’ expectations of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The company’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.34) earnings per share. Equities research analysts anticipate that Methanex Corporation will post $4.10 earnings per share for the current fiscal year.
Methanex Corporation announced that its board has approved a share buyback program on Wednesday, July 26th that permits the company to buyback 1,660,000 outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Saturday, September 16th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is currently 47.81%.
A number of institutional investors have recently modified their holdings of MEOH. Creative Planning boosted its position in shares of Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the period. Quantbot Technologies LP boosted its position in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after buying an additional 647 shares during the period. FNY Partners Fund LP bought a new position in shares of Methanex Corporation during the first quarter valued at about $117,000. Worth Venture Partners LLC bought a new position in shares of Methanex Corporation during the first quarter valued at about $227,000. Finally, Korea Investment CORP bought a new position in shares of Methanex Corporation during the first quarter valued at about $260,000. Hedge funds and other institutional investors own 82.24% of the company’s stock.
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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