Raymond James Cuts Methanex (NASDAQ:MEOH) Price Target to $62.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price objective decreased by Raymond James from $80.00 to $62.00 in a report issued on Wednesday morning, BayStreet.CA reports. Raymond James currently has an outperform rating on the specialty chemicals company’s stock. Raymond James also issued estimates for Methanex’s Q2 2019 earnings at $0.45 EPS, Q3 2019 earnings at $0.69 EPS, Q4 2019 earnings at $1.15 EPS, FY2019 earnings at $2.79 EPS and FY2020 earnings at $4.46 EPS.

A number of other research analysts have also weighed in on the company. UBS Group restated a buy rating and set a $124.00 price objective on shares of Cie Gnrl des Etblsmnts Michelin SCA in a research report on Thursday, April 25th. TD Securities cut their price objective on Quebecor from C$38.00 to C$37.00 and set a buy rating for the company in a research report on Friday, July 12th. Royal Bank of Canada set a $147.00 price objective on Ameriprise Financial and gave the company a hold rating in a research report on Friday, April 26th. BidaskClub lowered Orthofix Medical from a buy rating to a hold rating in a research report on Monday, May 20th. Finally, Jefferies Financial Group set a $189.00 price objective on salesforce.com and gave the company a buy rating in a research report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. Methanex presently has a consensus rating of Hold and a consensus target price of $66.50.

NASDAQ:MEOH opened at $43.23 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.90. The firm’s 50-day simple moving average is $44.12. The company has a market capitalization of $3.25 billion, a PE ratio of 6.30, a PEG ratio of 1.02 and a beta of 1.67. Methanex has a 52 week low of $40.43 and a 52 week high of $83.23.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. The business had revenue of $773.00 million for the quarter, compared to analysts’ expectations of $790.00 million. Methanex had a return on equity of 24.89% and a net margin of 11.84%. The business’s quarterly revenue was down 19.6% on a year-over-year basis. During the same period last year, the firm earned $2.03 earnings per share. As a group, research analysts forecast that Methanex will post 2.76 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Sunday, June 30th. Stockholders of record on Sunday, June 16th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Thursday, June 13th. This is an increase from Methanex’s previous quarterly dividend of $0.33. Methanex’s payout ratio is currently 20.99%.

Several institutional investors have recently bought and sold shares of the company. Beutel Goodman & Co Ltd. bought a new position in Methanex in the first quarter worth approximately $87,000. Quadrant Capital Group LLC raised its stake in Methanex by 35.6% in the first quarter. Quadrant Capital Group LLC now owns 2,266 shares of the specialty chemicals company’s stock worth $125,000 after buying an additional 595 shares in the last quarter. Macquarie Group Ltd. bought a new position in Methanex in the fourth quarter worth approximately $168,000. SG Americas Securities LLC bought a new position in Methanex in the first quarter worth approximately $198,000. Finally, Brinker Capital Inc. bought a new position in Methanex in the first quarter worth approximately $224,000. 70.53% of the stock is owned by hedge funds and other institutional investors.

About Methanex

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases 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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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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