TD Securities Trims Methanex Corporation (NASDAQ:MEOH) Target Price to $54.00

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) had its target price reduced by analysts at TD Securities from $56.00 to $54.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the specialty chemicals company’s stock. TD Securities’ price target points to a potential upside of 20.13% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Tudor Pickering downgraded Methanex Corporation from a “buy” rating to a “hold” rating in a report on Friday. Monness Crespi & Hardt cut their price target on Methanex Corporation from $62.00 to $59.00 and set a “buy” rating on the stock in a report on Friday. Cowen and Company cut their price target on Methanex Corporation from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday. Scotiabank increased their price objective on Methanex Corporation from $53.00 to $95.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Alembic Global Advisors set a $65.00 price objective on Methanex Corporation and gave the company a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $57.57.

Shares of Methanex Corporation (NASDAQ:MEOH) traded down 0.389% during midday trading on Friday, reaching $44.775. The company had a trading volume of 635,215 shares. Methanex Corporation has a 52 week low of $26.83 and a 52 week high of $53.35. The company has a market capitalization of $3.95 billion, a P/E ratio of 28.249 and a beta of 1.78. The company’s 50 day moving average price is $43.43 and its 200-day moving average price is $45.68.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a return on equity of 7.04% and a net margin of 6.01%. The company had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same quarter last year, the company earned ($0.34) EPS. Methanex Corporation’s revenue for the quarter was up 42.9% compared to the same quarter last year. On average, equities research analysts predict that Methanex Corporation will post $4.10 earnings per share for the current fiscal year.

Methanex Corporation announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that permits the company to repurchase 1,660,000 shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in MEOH. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Methanex Corporation by 10.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 269,269 shares of the specialty chemicals company’s stock worth $12,612,000 after buying an additional 26,019 shares during the period. OLD National Bancorp IN boosted its stake in shares of Methanex Corporation by 43.6% in the first quarter. OLD National Bancorp IN now owns 6,605 shares of the specialty chemicals company’s stock worth $310,000 after buying an additional 2,004 shares during the period. Montrusco Bolton Investments Inc. boosted its stake in shares of Methanex Corporation by 3.2% in the first quarter. Montrusco Bolton Investments Inc. now owns 114,807 shares of the specialty chemicals company’s stock worth $5,364,000 after buying an additional 3,515 shares during the period. BB&T Corp boosted its stake in shares of Methanex Corporation by 7.1% in the first quarter. BB&T Corp now owns 22,400 shares of the specialty chemicals company’s stock worth $1,050,000 after buying an additional 1,484 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Methanex Corporation during the first quarter worth about $388,000. 82.10% of the stock is owned by hedge funds and other institutional investors.

Methanex Corporation 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.