Methanex Corporation (MEOH) Downgraded by Raymond James Financial, Inc.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) was downgraded by Raymond James Financial, Inc. from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday.
Other research analysts have also recently issued reports about the stock. Cowen and Company set a $60.00 price target on shares of Methanex Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Monness Crespi & Hardt decreased their target price on shares of Methanex Corporation from $62.00 to $59.00 and set a “buy” rating for the company in a report on Friday, July 28th. Alembic Global Advisors set a $65.00 target price on shares of Methanex Corporation and gave the stock a “buy” rating in a report on Thursday, July 27th. TD Securities decreased their target price on shares of Methanex Corporation from $56.00 to $54.00 and set a “buy” rating for the company in a report on Friday, July 28th. Finally, Jefferies Group LLC lifted their target price on shares of Methanex Corporation to $60.00 and gave the stock a “buy” rating in a report on Tuesday, September 12th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. Methanex Corporation has an average rating of “Hold” and a consensus price target of $55.50.
Methanex Corporation (MEOH) traded down 2.39% during midday trading on Tuesday, hitting $49.00. 157,546 shares of the company were exchanged. The firm has a market capitalization of $4.22 billion, a PE ratio of 19.07 and a beta of 1.76. Methanex Corporation has a 1-year low of $34.45 and a 1-year high of $53.35. The stock has a 50 day moving average of $50.84 and a 200 day moving average of $46.00.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. Methanex Corporation had a net margin of 9.81% and a return on equity of 16.02%. The company had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $614.19 million. During the same period last year, the company posted ($0.01) EPS. Methanex Corporation’s revenue was up 41.2% on a year-over-year basis. On average, equities analysts predict that Methanex Corporation will post $4.09 earnings per share for the current fiscal year.
Methanex Corporation declared that its board has authorized a share buyback program on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors and hedge funds have recently bought and sold shares of MEOH. Bank of New York Mellon Corp boosted its position in shares of Methanex Corporation by 37.3% in the second 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 purchasing an additional 976,901 shares during the period. Gotham Asset Management LLC bought a new position in shares of Methanex Corporation in the second quarter worth approximately $23,031,000. Morgan Stanley boosted its position in shares of Methanex Corporation by 337.8% in the first quarter. Morgan Stanley now owns 452,878 shares of the specialty chemicals company’s stock worth $21,240,000 after purchasing an additional 349,445 shares during the period. AQR Capital Management LLC bought a new position in shares of Methanex Corporation in the first quarter worth approximately $15,981,000. Finally, Neuberger Berman Group LLC boosted its position in shares of Methanex Corporation by 21.3% in the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock worth $70,426,000 after purchasing an additional 281,143 shares during the period. Institutional investors and hedge funds own 81.93% of the company’s stock.
About Methanex Corporation
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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