Methanex (NASDAQ:MEOH) (TSE:MX) had its target price lifted by BMO Capital Markets to $80.00 in a research report sent to investors on Wednesday. BMO Capital Markets currently has an outperform rating on the specialty chemicals company’s stock.
Several other equities research analysts have also weighed in on MEOH. Scotiabank reaffirmed a hold rating and issued a $67.50 target price on shares of Methanex in a research report on Thursday, February 1st. Monness Crespi & Hardt increased their target price on Methanex from $65.00 to $72.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Raymond James increased their target price on Methanex from $60.00 to $63.50 and gave the stock a market perform rating in a research report on Friday, February 2nd. TD Securities increased their target price on Methanex from $66.00 to $68.00 and gave the stock a hold rating in a research report on Friday, February 2nd. Finally, Royal Bank of Canada increased their target price on Methanex from $63.00 to $67.00 and gave the stock a sector perform rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $63.85.
Shares of Methanex opened at $67.85 on Wednesday, according to MarketBeat Ratings. Methanex has a 1-year low of $39.47 and a 1-year high of $71.60. The company has a current ratio of 1.75, a quick ratio of 1.29 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 0.86 and a beta of 1.63.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, April 25th. The specialty chemicals company reported $2.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by ($0.05). Methanex had a return on equity of 24.47% and a net margin of 11.00%. The company had revenue of $962.00 million during the quarter, compared to analyst estimates of $965.83 million. During the same period in the prior year, the business earned $1.56 earnings per share. Methanex’s quarterly revenue was up 18.8% on a year-over-year basis. sell-side analysts anticipate that Methanex will post 5.28 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Stockholders of record on Saturday, June 16th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, June 14th. Methanex’s dividend payout ratio (DPR) is 28.03%.
Methanex declared that its Board of Directors has approved a share repurchase plan on Monday, March 5th that allows the company to buyback 6,590,000 outstanding shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently modified their holdings of MEOH. Dimensional Fund Advisors LP increased its holdings in shares of Methanex by 8.1% during the third quarter. Dimensional Fund Advisors LP now owns 148,399 shares of the specialty chemicals company’s stock valued at $7,464,000 after purchasing an additional 11,111 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Methanex by 218.5% during the fourth quarter. Acadian Asset Management LLC now owns 20,700 shares of the specialty chemicals company’s stock valued at $1,259,000 after purchasing an additional 14,200 shares during the period. Boston Advisors LLC acquired a new position in shares of Methanex during the fourth quarter valued at $13,386,000. FNY Partners Fund LP acquired a new position in shares of Methanex during the fourth quarter valued at $302,000. Finally, FineMark National Bank & Trust acquired a new position in shares of Methanex during the fourth quarter valued at $253,000. 79.45% of the stock is currently owned by institutional investors.
Methanex Company Profile
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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