Methanex Corporation (MEOH) Price Target Cut to $54.00 by Analysts at TD Securities
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its price target trimmed by TD Securities from $56.00 to $54.00 in a research note issued to investors on Friday. The brokerage currently has a buy rating on the specialty chemicals company’s stock.
A number of other brokerages also recently commented on MEOH. Alembic Global Advisors set a $65.00 price objective on Methanex Corporation and gave the stock a buy rating in a research report on Thursday, July 27th. Royal Bank Of Canada reduced their price objective on Methanex Corporation from $57.00 to $54.00 and set a sector perform rating for the company in a research report on Friday, April 28th. BidaskClub upgraded Methanex Corporation from a sell rating to a hold rating in a research report on Thursday, July 13th. Cowen and Company set a $60.00 price objective on Methanex Corporation and gave the stock a buy rating in a research report on Friday. Finally, Scotiabank reiterated a sector perform rating and issued a $72.00 price objective on shares of Methanex Corporation in a research report on Wednesday, May 3rd. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $56.80.
Shares of Methanex Corporation (MEOH) traded down 0.45% during trading on Friday, hitting $44.10. The company’s stock had a trading volume of 231,586 shares. Methanex Corporation has a 1-year low of $26.83 and a 1-year high of $53.35. The firm’s 50 day moving average is $43.60 and its 200-day moving average is $45.64. The company has a market capitalization of $3.80 billion, a P/E ratio of 17.16 and a beta of 1.78.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The firm had revenue of $669 million during the quarter, compared to the consensus estimate of $772.41 million. During the same quarter in the prior year, the business posted ($0.34) EPS. Methanex Corporation’s revenue was up 42.9% compared to the same quarter last year. Analysts forecast that Methanex Corporation will post $4.10 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.71%. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.
Methanex Corporation declared that its board has approved a stock buyback 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. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors have recently bought and sold shares of MEOH. Tower Research Capital LLC TRC increased its position in Methanex Corporation by 149.9% in the first quarter. Tower Research Capital LLC TRC now owns 6,726 shares of the specialty chemicals company’s stock valued at $315,000 after buying an additional 4,034 shares during the period. Jane Street Group LLC increased its position in Methanex Corporation by 73.2% in the first quarter. Jane Street Group LLC now owns 17,129 shares of the specialty chemicals company’s stock valued at $803,000 after buying an additional 7,237 shares during the period. Comerica Bank bought a new position in Methanex Corporation during the fourth quarter valued at approximately $269,000. Acadian Asset Management LLC bought a new position in Methanex Corporation during the first quarter valued at approximately $388,000. Finally, Massachusetts Financial Services Co. MA increased its position in Methanex Corporation by 2.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 504,628 shares of the specialty chemicals company’s stock valued at $23,667,000 after buying an additional 13,877 shares during the period. Institutional investors and hedge funds own 82.24% 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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