Methanex Corporation (NASDAQ:MEOH) Given a $60.00 Price Target by Cowen and Company Analysts
Cowen and Company set a $60.00 target price on Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in a research note issued to investors on Friday. The brokerage currently has a buy rating on the specialty chemicals company’s stock.
MEOH has been the subject of a number of other research reports. Scotiabank boosted their price target on Methanex Corporation from $51.00 to $71.00 and gave the company a sector perform rating in a research report on Tuesday, April 4th. TD Securities boosted their price target on Methanex Corporation from $50.00 to $71.00 and gave the company a hold rating in a research report on Tuesday, April 4th. Raymond James Financial, Inc. reissued an outperform rating and set a $80.00 price target on shares of Methanex Corporation in a research report on Monday, April 10th. Sanford C. Bernstein initiated coverage on Methanex Corporation in a research report on Wednesday, May 10th. They set an underperform rating and a $36.00 price target for the company. Finally, TheStreet raised Methanex Corporation from a c rating to a b rating in a research report on Tuesday, May 2nd. Four research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $56.80.
Methanex Corporation (NASDAQ MEOH) opened at 44.30 on Friday. The company’s 50-day moving average price is $43.60 and its 200 day moving average price is $45.64. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of 17.24 and a beta of 1.78. Methanex Corporation has a 1-year low of $26.83 and a 1-year high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The firm had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same period last year, the firm posted ($0.34) EPS. Methanex Corporation’s revenue was up 42.9% on a year-over-year basis. On average, equities analysts expect that Methanex Corporation will post $4.10 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, September 14th. Methanex Corporation’s dividend payout ratio is presently 47.81%.
Methanex Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the company. ARP Americas LLC acquired a new position in Methanex Corporation during the second quarter valued at approximately $396,000. Korea Investment CORP boosted its position in Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after buying an additional 101 shares during the period. Sei Investments Co. boosted its position in Methanex Corporation by 1.5% in the second quarter. Sei Investments Co. now owns 59,413 shares of the specialty chemicals company’s stock valued at $2,617,000 after buying an additional 872 shares during the period. Stonebridge Capital Management Inc. boosted its position in Methanex Corporation by 17.1% in the second quarter. Stonebridge Capital Management Inc. now owns 8,575 shares of the specialty chemicals company’s stock valued at $378,000 after buying an additional 1,250 shares during the period. Finally, Spark Investment Management LLC acquired a new position in Methanex Corporation during the second quarter valued at approximately $3,179,000. Institutional investors 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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