CIBC cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from an outperform rating to a neutral rating in a research note released on Tuesday morning, The Fly reports.
A number of other brokerages also recently issued reports on MEOH. BidaskClub raised Methanex from a buy rating to a strong-buy rating in a research report on Friday, December 22nd. Scotiabank reaffirmed a hold rating and set a $63.00 price target (up from $57.50) on shares of Methanex in a research report on Wednesday, January 3rd. Cowen reaffirmed an outperform rating and set a $65.00 price target (up from $58.00) on shares of Methanex in a research report on Thursday, December 14th. TD Securities upped their price target on Methanex from $58.00 to $59.00 and gave the stock a buy rating in a research report on Friday, October 27th. Finally, Royal Bank of Canada reaffirmed a hold rating on shares of Methanex in a research report on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. Methanex currently has an average rating of Hold and a consensus target price of $57.20.
Shares of Methanex (NASDAQ MEOH) traded up $0.45 during mid-day trading on Tuesday, hitting $61.25. The stock had a trading volume of 706,242 shares, compared to its average volume of 491,815. The firm has a market capitalization of $5,103.31, a P/E ratio of 20.35, a PEG ratio of 0.89 and a beta of 1.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.17 and a current ratio of 1.59. Methanex has a 1-year low of $39.47 and a 1-year high of $64.40.
Methanex (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, topping analysts’ consensus estimates of $0.55 by $0.05. The business had revenue of $720.00 million for the quarter, compared to the consensus estimate of $614.19 million. Methanex had a return on equity of 16.02% and a net margin of 9.81%. The business’s quarterly revenue was up 41.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) earnings per share. sell-side analysts forecast that Methanex will post 3.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Thursday, December 14th. Methanex’s dividend payout ratio (DPR) is presently 39.87%.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Methanex by 3.8% during the second quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock valued at $91,090,000 after buying an additional 76,132 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of Methanex by 2.4% during the third quarter. TD Asset Management Inc. now owns 612,576 shares of the specialty chemicals company’s stock valued at $30,711,000 after buying an additional 14,592 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Methanex during the second quarter valued at $23,031,000. AGF Investments Inc. grew its holdings in shares of Methanex by 21.9% during the third quarter. AGF Investments Inc. now owns 499,132 shares of the specialty chemicals company’s stock valued at $25,082,000 after buying an additional 89,812 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Methanex by 29.3% in the second quarter. Ameriprise Financial Inc. now owns 405,236 shares of the specialty chemicals company’s stock valued at $17,852,000 after purchasing an additional 91,829 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION WARNING: “Methanex (MEOH) Downgraded by CIBC” was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this story on another site, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this story can be read at https://ledgergazette.com/2018/01/13/methanex-meoh-downgraded-by-cibc.html.
Methanex Company Profile
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.
Receive News & Ratings for Methanex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex and related companies with MarketBeat.com's FREE daily email newsletter.