Cowen Reiterates “Outperform” Rating for Methanex (MEOH)
Cowen reaffirmed their outperform rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research note published on Thursday, Marketbeat Ratings reports. They currently have a $65.00 price target on the specialty chemicals company’s stock, up from their prior price target of $58.00.
Several other research firms have also recently commented on MEOH. TD Securities raised their target price on Methanex from $58.00 to $59.00 and gave the stock a buy rating in a research note on Friday, October 27th. Royal Bank of Canada reissued a hold rating on shares of Methanex in a research note on Wednesday, September 27th. Scotiabank set a $53.50 target price on Methanex and gave the company a sector perform rating in a research note on Wednesday, October 18th. UBS boosted their target price on Methanex from $42.00 to $44.00 and gave the company a sell rating in a research note on Friday, October 13th. Finally, Zacks Investment Research raised Methanex from a hold rating to a buy rating and set a $57.00 target price for the company in a research note on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $56.00.
Methanex (MEOH) traded down $0.05 on Thursday, reaching $57.35. 598,600 shares of the company’s stock traded hands, compared to its average volume of 782,953. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.83. Methanex has a 12 month low of $39.47 and a 12 month high of $58.25. The stock has a market capitalization of $4,813.73, a P/E ratio of 17.43, a P/E/G ratio of 1.03 and a beta of 1.82.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 31st. Shareholders of record on Sunday, December 17th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Thursday, December 14th. Methanex’s payout ratio is 39.87%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of Methanex by 37.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock worth $158,329,000 after buying an additional 976,901 shares during the last quarter. Gotham Asset Management LLC purchased a new position in shares of Methanex during the second quarter valued at approximately $23,031,000. Neuberger Berman Group LLC boosted its position in shares of Methanex by 21.3% during the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock valued at $70,426,000 after buying an additional 281,143 shares during the period. AGF Investments Inc. boosted its position in shares of Methanex by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after buying an additional 208,413 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Methanex by 98.4% during the second quarter. Renaissance Technologies LLC now owns 378,098 shares of the specialty chemicals company’s stock valued at $16,659,000 after buying an additional 187,500 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Methanex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex and related companies with MarketBeat.com's FREE daily email newsletter.