Methanex (MEOH) Hits New 1-Year High and Low on Analyst Upgrade

Methanex Co. (NASDAQ:MEOH) (TSE:MX) shares reached a new 52-week high and low on Thursday after TD Securities raised their price target on the stock from $68.00 to $69.00. TD Securities currently has a hold rating on the stock. Methanex traded as low as $67.55 and last traded at $67.67, with a volume of 293479 shares changing hands. The stock had previously closed at $67.20.

A number of other research firms have also weighed in on MEOH. Scotiabank reaffirmed a “hold” rating and set a $63.00 target price (up previously from $57.50) on shares of Methanex in a report on Wednesday, January 3rd. BidaskClub raised Methanex from a “buy” rating to a “strong-buy” rating in a report on Friday, December 22nd. Cowen reaffirmed an “outperform” rating and set a $65.00 target price (up previously from $58.00) on shares of Methanex in a report on Thursday, December 14th. Raymond James Financial lifted their target price on Methanex from $60.00 to $63.50 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $63.00 target price on shares of Methanex in a report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $59.29.

Several hedge funds and other institutional investors have recently modified their holdings of MEOH. FineMark National Bank & Trust purchased a new position in shares of Methanex during the fourth quarter worth about $253,000. FNY Partners Fund LP purchased a new position in shares of Methanex during the fourth quarter worth about $302,000. AXA purchased a new position in shares of Methanex during the fourth quarter worth about $442,000. Twin Tree Management LP bought a new stake in Methanex in the 4th quarter worth approximately $679,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Methanex in the 3rd quarter worth approximately $704,000. 80.21% of the stock is owned by institutional investors.



The stock has a market capitalization of $5,391.44, a price-to-earnings ratio of 14.20, a P/E/G ratio of 0.69 and a beta of 1.63. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.66 and a quick ratio of 1.25.

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, topping the Zacks’ consensus estimate of $1.19 by $0.51. The company had revenue of $861.00 million during the quarter, compared to the consensus estimate of $796.57 million. Methanex had a return on equity of 22.72% and a net margin of 10.34%. Methanex’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS. equities analysts forecast that Methanex Co. will post 6.18 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Saturday, March 31st. Investors of record on Saturday, March 17th were given a $0.33 dividend. This is an increase from Methanex’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 15th. This represents a $1.32 dividend on an annualized basis and a yield of 1.97%. Methanex’s payout ratio is presently 28.03%.

Methanex announced that its board has authorized a share buyback program on Monday, March 5th that permits the company to repurchase 6,590,000 shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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Methanex 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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