Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Research analysts at Raymond James cut their Q3 2019 earnings per share (EPS) estimates for shares of Methanex in a research report issued to clients and investors on Friday, April 26th. Raymond James analyst S. Hansen now forecasts that the specialty chemicals company will post earnings of $1.27 per share for the quarter, down from their prior estimate of $1.38. Raymond James currently has a “Outperform” rating and a $80.00 price target on the stock. Raymond James also issued estimates for Methanex’s FY2020 earnings at $6.18 EPS.
A number of other brokerages have also recently issued reports on MEOH. Zacks Investment Research reiterated a “sell” rating on shares of Methanex in a research note on Monday, December 31st. TD Securities dropped their price objective on Methanex from $77.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, January 30th. Cowen cut Methanex from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $74.00 to $62.00 in a research note on Wednesday, February 6th. UBS Group upped their price objective on Methanex from $43.00 to $45.00 and gave the stock a “sell” rating in a research note on Thursday. Finally, ValuEngine upgraded Methanex from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Methanex currently has a consensus rating of “Hold” and an average price target of $73.60.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.03 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 30th. Investors of record on Sunday, June 16th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, June 13th. This is a positive change from Methanex’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.58%. Methanex’s payout ratio is presently 19.24%.
Hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc increased its holdings in shares of Methanex by 11.2% during the 4th quarter. Legal & General Group Plc now owns 122,461 shares of the specialty chemicals company’s stock worth $5,887,000 after acquiring an additional 12,380 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Methanex by 1.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 557,440 shares of the specialty chemicals company’s stock worth $26,822,000 after acquiring an additional 9,898 shares during the last quarter. Korea Investment CORP increased its holdings in shares of Methanex by 64.6% during the 4th quarter. Korea Investment CORP now owns 131,495 shares of the specialty chemicals company’s stock worth $6,322,000 after acquiring an additional 51,586 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Methanex by 15.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 20,975 shares of the specialty chemicals company’s stock worth $1,010,000 after acquiring an additional 2,850 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Methanex by 10.1% during the 4th quarter. Bank of America Corp DE now owns 221,582 shares of the specialty chemicals company’s stock worth $10,674,000 after acquiring an additional 20,327 shares during the last quarter. 72.03% of the stock is currently owned by institutional investors and hedge funds.
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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