Methanex Corporation (NASDAQ:MEOH) (TSE:MX)‘s stock had its “buy” rating restated by analysts at Jefferies Group LLC in a note issued to investors on Thursday. They presently have a $60.00 price target on the specialty chemicals company’s stock. Jefferies Group LLC’s price objective would suggest a potential upside of 19.52% from the company’s current price.
A number of other brokerages also recently weighed in on MEOH. Scotiabank reiterated a “sector perform” rating and issued a $67.00 price target on shares of Methanex Corporation in a report on Wednesday, October 4th. Cowen and Company reiterated a “buy” rating and issued a $55.00 price target on shares of Methanex Corporation in a report on Friday, September 1st. Zacks Investment Research upgraded Methanex Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. Royal Bank Of Canada reiterated a “hold” rating on shares of Methanex Corporation in a report on Wednesday, September 27th. Finally, TD Securities boosted their price target on Methanex Corporation to $71.00 and gave the company a “buy” rating in a report on Monday, September 18th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. Methanex Corporation has a consensus rating of “Hold” and a consensus target price of $55.83.
Shares of Methanex Corporation (NASDAQ:MEOH) opened at 50.20 on Thursday. The firm has a market capitalization of $4.32 billion, a P/E ratio of 19.53 and a beta of 1.76. The stock has a 50 day moving average price of $50.85 and a 200 day moving average price of $45.83. Methanex Corporation has a 12-month low of $34.45 and a 12-month high of $53.35.
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 Zacks’ consensus estimate of $1.08 by ($0.23). Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The firm had revenue of $669.00 million during the quarter, compared to the consensus estimate of $772.41 million. During the same quarter last year, the firm posted ($0.34) earnings per share. Methanex Corporation’s revenue was up 42.9% compared to the same quarter last year. Equities analysts anticipate that Methanex Corporation will post $3.94 earnings per share for the current fiscal year.
Methanex Corporation declared that its board has initiated a share buyback plan on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of large investors have recently added to or reduced their stakes in MEOH. Bank of New York Mellon Corp boosted its position in Methanex Corporation by 37.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock valued at $158,329,000 after purchasing an additional 976,901 shares during the period. FMR LLC boosted its position in Methanex Corporation by 30.2% during the 1st quarter. FMR LLC now owns 3,341,500 shares of the specialty chemicals company’s stock valued at $156,568,000 after purchasing an additional 774,598 shares during the period. Gotham Asset Management LLC acquired a new position in Methanex Corporation during the 2nd quarter valued at approximately $23,031,000. Morgan Stanley boosted its position in Methanex Corporation by 337.8% during the 1st quarter. Morgan Stanley now owns 452,878 shares of the specialty chemicals company’s stock worth $21,240,000 after acquiring an additional 349,445 shares during the period. Finally, AQR Capital Management LLC acquired a new position in Methanex Corporation during the 1st quarter worth $15,981,000. Institutional investors and hedge funds own 81.87% of the company’s stock.
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.
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