Methanex (NASDAQ:MEOH) (TSE:MX)’s share price hit a new 52-week high and low on Tuesday after Cowen raised their price target on the stock from $69.00 to $75.00. Cowen currently has an outperform rating on the stock. Methanex traded as low as $69.20 and last traded at $68.75, with a volume of 317297 shares trading hands. The stock had previously closed at $67.40.
MEOH has been the subject of several other reports. Monness Crespi & Hardt boosted 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. Jefferies Group boosted their target price on Methanex to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, January 3rd. TD Securities boosted their target price on Methanex from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, December 19th. Alembic Global Advisors restated a “buy” rating on shares of Methanex in a research report on Monday, January 8th. Finally, BidaskClub cut Methanex from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $59.71.
Hedge funds have recently modified their holdings of the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Methanex by 4.0% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 911,000 shares of the specialty chemicals company’s stock worth $69,382,000 after purchasing an additional 35,363 shares during the last quarter. FineMark National Bank & Trust bought a new stake in Methanex during the fourth quarter worth about $253,000. Wells Fargo & Company MN lifted its stake in Methanex by 6.7% during the third quarter. Wells Fargo & Company MN now owns 165,836 shares of the specialty chemicals company’s stock worth $8,342,000 after purchasing an additional 10,384 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Methanex by 109.6% during the fourth quarter. Mackenzie Financial Corp now owns 485,909 shares of the specialty chemicals company’s stock worth $29,422,000 after purchasing an additional 254,121 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Methanex by 8.1% during the third quarter. Dimensional Fund Advisors LP now owns 148,399 shares of the specialty chemicals company’s stock worth $7,464,000 after purchasing an additional 11,111 shares during the last quarter. 80.29% of the stock is owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.83, a current ratio of 1.66 and a quick ratio of 1.25. The company has a market capitalization of $5,559.00, a PE ratio of 14.55, a PEG ratio of 0.72 and a beta of 1.63.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $1.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.51. Methanex had a return on equity of 22.72% and a net margin of 10.34%. The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $796.57 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue was up 47.2% compared to the same quarter last year. equities analysts predict that Methanex will post 6.18 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Saturday, March 31st. Stockholders of record on Saturday, March 17th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Thursday, March 15th. This is a positive change from Methanex’s previous quarterly dividend of $0.30. Methanex’s payout ratio is 28.03%.
Methanex announced that its board has authorized a share repurchase plan on Monday, March 5th that authorizes the company to repurchase 6,590,000 shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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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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