Methanex Corporation (MEOH) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $57.00 target price on the specialty chemicals company’s stock.
According to Zacks, “Methanex has outperformed the industry it belongs to over a year. Methanex should gain from healthy demand fundamentals for methanol. We are also optimistic about its Louisiana project, which is expected to create significant value for shareholders and meaningfully contribute to cash generation. “
MEOH has been the subject of several other reports. Royal Bank Of Canada reissued a hold rating on shares of Methanex Corporation in a report on Friday, August 25th. BMO Capital Markets reissued a buy rating on shares of Methanex Corporation in a report on Friday, June 30th. ValuEngine raised Methanex Corporation from a hold rating to a buy rating in a report on Friday, June 16th. BidaskClub raised Methanex Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Finally, TD Securities raised their price target on Methanex Corporation to $71.00 and gave the company a buy rating in a report on Monday, September 18th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company’s stock. Methanex Corporation presently has a consensus rating of Hold and a consensus price target of $56.27.
Methanex Corporation (NASDAQ MEOH) traded down 2.94% during midday trading on Tuesday, hitting $49.50. The company had a trading volume of 885,424 shares. Methanex Corporation has a 12 month low of $34.45 and a 12 month high of $53.35. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 19.26 and a beta of 1.76. The firm has a 50-day moving average price of $49.87 and a 200-day moving average price of $45.58.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.23). The business had revenue of $669.00 million during the quarter, compared to analyst estimates 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 period in the prior year, the business earned ($0.34) earnings per share. Equities analysts anticipate that Methanex Corporation will post $3.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.42%. The ex-dividend date was Thursday, September 14th. Methanex Corporation’s payout ratio is 47.81%.
Methanex Corporation declared that its board has authorized a stock repurchase program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. increased its position in Methanex Corporation by 76.1% during the second quarter. Marshall Wace North America L.P. now owns 101,307 shares of the specialty chemicals company’s stock worth $4,458,000 after buying an additional 43,776 shares in the last quarter. Intact Investment Management Inc. increased its position in Methanex Corporation by 43.4% during the second quarter. Intact Investment Management Inc. now owns 64,800 shares of the specialty chemicals company’s stock worth $3,696,000 after buying an additional 19,600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Methanex Corporation by 17.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,546 shares of the specialty chemicals company’s stock worth $2,008,000 after buying an additional 6,822 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Methanex Corporation by 149.9% during the first quarter. Tower Research Capital LLC TRC now owns 6,726 shares of the specialty chemicals company’s stock worth $315,000 after buying an additional 4,034 shares in the last quarter. Finally, AGF Investments Inc. increased its position in Methanex Corporation by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock worth $18,080,000 after buying an additional 208,413 shares in the last quarter. 81.91% of the stock is owned by institutional investors.
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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