Wall Street Zen upgraded shares of Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) from a hold rating to a buy rating in a report released on Monday morning.
A number of other brokerages have also recently commented on MEOH. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and set a $69.00 price objective on shares of Methanex in a research note on Friday, May 1st. Raymond James Financial increased their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. National Bank Financial set a $70.00 price target on shares of Methanex and gave the company an “outperform” rating in a research report on Monday, July 13th. Zacks Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, UBS Group lifted their price objective on shares of Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Methanex currently has a consensus rating of “Hold” and an average price target of $69.00.
Read Our Latest Report on MEOH
Methanex Stock Down 0.2%
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The company had revenue of $957.42 million for the quarter, compared to analysts’ expectations of $964.76 million. During the same quarter in the prior year, the business posted $1.30 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Methanex will post 8.27 earnings per share for the current year.
Methanex Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio is presently -151.02%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in shares of Methanex by 546.7% in the third quarter. JPMorgan Chase & Co. now owns 269,374 shares of the specialty chemicals company’s stock valued at $10,710,000 after purchasing an additional 227,723 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Methanex during the 4th quarter worth about $375,000. Intact Investment Management Inc. raised its position in shares of Methanex by 17.2% during the 4th quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock worth $26,875,000 after purchasing an additional 99,210 shares during the last quarter. TD Asset Management Inc lifted its stake in Methanex by 35.2% in the 4th quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company’s stock valued at $37,020,000 after buying an additional 242,662 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Methanex by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock valued at $108,917,000 after buying an additional 336,316 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.
About Methanex
Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.
The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).
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