Methanex (MEOH) Downgraded by CIBC

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.

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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.

The Fly

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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