Scotiabank reaffirmed their sector perform rating on shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in a report published on Wednesday. Scotiabank currently has a $67.00 price target on the specialty chemicals company’s stock.

MEOH has been the subject of several other reports. Royal Bank Of Canada restated a hold rating on shares of Methanex Corporation in a report on Friday, August 25th. Zacks Investment Research upgraded Methanex Corporation from a strong sell rating to a hold rating in a report on Tuesday, September 26th. BMO Capital Markets restated a buy rating on shares of Methanex Corporation in a report on Friday, June 30th. ValuEngine upgraded Methanex Corporation from a hold rating to a buy rating in a report on Friday, June 16th. Finally, BidaskClub upgraded Methanex Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $56.27.

Shares of Methanex Corporation (NASDAQ MEOH) opened at 49.50 on Wednesday. The company has a market capitalization of $4.26 billion, a P/E ratio of 19.26 and a beta of 1.76. The company has a 50-day moving average price of $49.87 and a 200-day moving average price of $45.58. Methanex Corporation has a 12 month low of $34.45 and a 12 month high of $53.35.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). The company had revenue of $669.00 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 firm’s quarterly revenue was up 42.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.34) earnings per share. On average, analysts forecast that Methanex Corporation will post $3.97 EPS for the current fiscal year.

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Methanex Corporation declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 26th that allows the company to repurchase 1,660,000 outstanding shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Saturday, September 30th. Stockholders of record on Saturday, September 16th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.

Institutional investors have recently made changes to their positions in the company. Marshall Wace North America L.P. lifted its stake in shares of Methanex Corporation by 76.1% in the 2nd quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock valued at $4,458,000 after purchasing an additional 43,776 shares during the last quarter. Intact Investment Management Inc. lifted its stake in shares of Methanex Corporation by 43.4% in the 2nd quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock valued at $3,696,000 after purchasing an additional 19,600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Methanex Corporation by 17.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock valued at $2,008,000 after purchasing an additional 6,822 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Methanex Corporation by 149.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 6,726 shares of the specialty chemicals company’s stock valued at $315,000 after purchasing an additional 4,034 shares during the last quarter. Finally, AGF Investments Inc. lifted its stake in shares of Methanex Corporation by 103.7% in the 2nd quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after purchasing an additional 208,413 shares during the last quarter. 81.91% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Methanex Corporation (NASDAQ:MEOH)

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