Methanex Co. (NASDAQ:MEOH) Receives $50.00 Average Price Target from Analysts
Methanex Co. (NASDAQ:MEOH) (TSE:MX) has received a consensus recommendation of “Hold” from the nineteen brokerages that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $50.31.
MEOH has been the subject of a number of analyst reports. Cowen restated a “market perform” rating and set a $39.00 price target (down previously from $49.00) on shares of Methanex in a research note on Tuesday, August 6th. Raymond James set a $62.00 price objective on shares of Methanex and gave the stock an “outperform” rating in a report on Thursday, August 1st. Royal Bank of Canada lowered their price target on shares of Methanex from $60.00 to $50.00 and set a “sector perform” rating for the company in a report on Thursday, August 29th. Jefferies Financial Group raised their price target on shares of Methanex from $34.00 to $38.00 and gave the company a “hold” rating in a report on Tuesday. Finally, TheStreet lowered shares of Methanex from a “b-” rating to a “c+” rating in a report on Friday, August 16th.
Several institutional investors have recently modified their holdings of the stock. AlphaCrest Capital Management LLC increased its holdings in shares of Methanex by 2.1% in the first quarter. AlphaCrest Capital Management LLC now owns 16,516 shares of the specialty chemicals company’s stock valued at $939,000 after purchasing an additional 341 shares in the last quarter. Pictet Asset Management Ltd. grew its holdings in Methanex by 1.8% during the 2nd quarter. Pictet Asset Management Ltd. now owns 22,869 shares of the specialty chemicals company’s stock worth $1,040,000 after acquiring an additional 400 shares during the period. Candriam Luxembourg S.C.A. grew its holdings in Methanex by 2.1% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 34,315 shares of the specialty chemicals company’s stock worth $1,554,000 after acquiring an additional 700 shares during the period. Resources Investment Advisors LLC. acquired a new stake in Methanex during the 2nd quarter worth $36,000. Finally, Polaris Capital Management LLC acquired a new stake in Methanex during the 2nd quarter worth $43,000. 65.13% of the stock is owned by institutional investors and hedge funds.
Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.16). The business had revenue of $734.00 million for the quarter, compared to analyst estimates of $719.86 million. Methanex had a return on equity of 18.33% and a net margin of 10.81%. The company’s quarterly revenue was down 22.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.75 earnings per share. As a group, research analysts predict that Methanex will post 1.02 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Friday, September 13th. Methanex’s dividend payout ratio is currently 20.99%.
Methanex Company Profile
Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases 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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