Methanex Co. (NASDAQ:MEOH) (TSE:MX) has been given an average rating of “Hold” by the eighteen ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $58.77.
MEOH has been the subject of several analyst reports. Scotiabank raised their target price on shares of Methanex from $53.50 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, November 30th. TD Securities cut shares of Methanex from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a research note on Monday, January 8th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “buy” rating and set a $57.00 price target on shares of Methanex in a report on Friday, November 24th. BidaskClub raised Methanex from a “buy” rating to a “strong-buy” rating in a report on Friday, December 22nd. Finally, CIBC downgraded Methanex from an “outperform” rating to a “neutral” rating in a report on Tuesday, January 9th.
Institutional investors and hedge funds have recently bought and sold shares of the company. FineMark National Bank & Trust acquired a new stake in shares of Methanex during the fourth quarter worth $253,000. ETRADE Capital Management LLC acquired a new stake in shares of Methanex during the third quarter worth $241,000. FNY Partners Fund LP acquired a new stake in shares of Methanex during the fourth quarter worth $302,000. AXA acquired a new stake in shares of Methanex during the fourth quarter worth $442,000. Finally, Guardian Capital Advisors LP lifted its holdings in shares of Methanex by 43.0% during the third quarter. Guardian Capital Advisors LP now owns 7,455 shares of the specialty chemicals company’s stock worth $475,000 after buying an additional 2,240 shares in the last quarter. 80.18% of the stock is owned by institutional investors.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, January 31st. The specialty chemicals company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.51. Methanex had a net margin of 10.34% and a return on equity of 22.72%. The business had revenue of $861.00 million during the quarter, compared to analysts’ expectations of $796.57 million. During the same period last year, the business earned $0.46 earnings per share. The firm’s revenue was up 47.2% on a year-over-year basis. research analysts predict that Methanex will post 6.11 EPS for the current year.
Methanex announced that its board has authorized a share buyback program on Monday, March 5th that permits the company to buyback 6,590,000 shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Saturday, March 31st. Stockholders of record on Saturday, March 17th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.33%. This is an increase from Methanex’s previous quarterly dividend of $0.30. Methanex’s dividend payout ratio (DPR) is currently 33.90%.
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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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