Scotiabank Reaffirms “Sector Perform” Rating for Methanex Co. (MEOH)
Methanex Co. (NASDAQ:MEOH) (TSE:MX)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Scotiabank in a report issued on Friday. They presently have a $71.00 price objective on the specialty chemicals company’s stock. Scotiabank’s target price points to a potential upside of 59.01% from the company’s current price.
A number of other brokerages have also weighed in on MEOH. Jefferies Group LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Methanex in a report on Tuesday, February 21st. Zacks Investment Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 28th. TD Securities raised their target price on shares of Methanex from $50.00 to $71.00 and gave the company a “hold” rating in a research note on Tuesday, April 4th. BMO Capital Markets reissued a “buy” rating and issued a $57.00 target price on shares of Methanex in a research note on Friday, January 27th. Finally, Raymond James Financial, Inc. raised shares of Methanex from a “market perform” rating to an “outperform” rating and raised their target price for the company from $53.00 to $60.00 in a research note on Friday, February 24th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Methanex has a consensus rating of “Buy” and a consensus price target of $60.27.
Shares of Methanex (NASDAQ:MEOH) traded down 0.33% on Friday, hitting $44.65. The stock had a trading volume of 1,212,184 shares. The stock’s market cap is $4.01 billion. Methanex has a one year low of $26.83 and a one year high of $53.35. The company’s 50 day moving average is $46.82 and its 200 day moving average is $44.22.
Methanex (NASDAQ:MEOH) last announced its quarterly earnings results on Wednesday, January 25th. The specialty chemicals company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.26. The company had revenue of $585 million for the quarter, compared to analyst estimates of $544.94 million. Methanex had a negative net margin of 0.63% and a negative return on equity of 1.82%. Methanex’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter last year, the business earned $0.16 EPS. Equities research analysts predict that Methanex will post $5.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 17th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.46%. The ex-dividend date was Wednesday, March 15th. Methanex’s dividend payout ratio (DPR) is -846.15%.
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A number of large investors have recently added to or reduced their stakes in MEOH. Creative Planning increased its stake in Methanex by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the period. WFG Advisors LP increased its stake in Methanex by 490.2% in the fourth quarter. WFG Advisors LP now owns 3,919 shares of the specialty chemicals company’s stock valued at $149,000 after buying an additional 3,255 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Methanex during the fourth quarter valued at about $231,000. Comerica Bank purchased a new stake in Methanex during the fourth quarter valued at about $269,000. Finally, Sprott Inc. purchased a new stake in Methanex during the third quarter valued at about $357,000. 86.42% of the stock is currently owned by hedge funds and other institutional investors.
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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