Methanex Corporation (NASDAQ:MEOH) (TSE:MX) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Monday, July 31st.
Several other equities research analysts also recently weighed in on MEOH. ValuEngine raised shares of Methanex Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Methanex Corporation in a research note on Monday, May 15th. Royal Bank Of Canada dropped their price target on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 18th. BMO Capital Markets reaffirmed a “buy” rating on shares of Methanex Corporation in a research note on Friday, June 30th. Finally, Zacks Investment Research cut shares of Methanex Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.80.
Methanex Corporation (MEOH) traded up 1.39% during trading on Monday, hitting $43.90. 448,725 shares of the company traded hands. The company’s 50 day moving average is $44.64 and its 200-day moving average is $45.41. Methanex Corporation has a 52 week low of $28.17 and a 52 week high of $53.35. The stock has a market capitalization of $3.78 billion, a PE ratio of 17.08 and a beta of 1.78.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. The business had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. Methanex Corporation’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.34) EPS. Analysts predict that Methanex Corporation will post $3.80 earnings per share for the current year.
Methanex Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that allows the company to buyback 1,660,000 outstanding shares. This buyback authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several institutional investors have recently made changes to their positions in the company. Creative Planning increased its position in shares of Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 152 shares in the last quarter. Quantbot Technologies LP increased its position in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after buying an additional 647 shares in the last quarter. FNY Partners Fund LP bought a new position in shares of Methanex Corporation during the first quarter worth approximately $117,000. Turner Investments LLC bought a new position in shares of Methanex Corporation during the second quarter worth approximately $221,000. Finally, Worth Venture Partners LLC bought a new position in shares of Methanex Corporation during the first quarter worth approximately $227,000. 83.91% of the stock is owned by institutional investors and hedge funds.
About Methanex Corporation
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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