Methanex Corporation (NASDAQ:MEOH) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Methanex Corporation (NASDAQ:MEOH) has received a consensus recommendation of "Buy" from nine research firms, with an average price target of $44.88.
• Institutional investors own approximately 73.49% of Methanex's stock, indicating strong backing from hedge funds and other large investors.
• The company recently reported $0.97 earnings per share, exceeding analyst estimates, despite a revenue decline of 13.4% year-over-year.

Shares of Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX have earned a consensus recommendation of "Buy" from the nine research firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $44.8750.

MEOH has been the subject of several research reports. Raymond James Financial set a $45.00 price target on shares of Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. began coverage on shares of Methanex in a research report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 price objective on the stock. CIBC increased their price objective on shares of Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research report on Friday, August 1st. Scotiabank set a $50.00 price objective on shares of Methanex and gave the company a "sector outperform" rating in a research report on Tuesday, August 5th. Finally, Zacks Research raised shares of Methanex from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 16th.

Hedge Funds Weigh In On Methanex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in Methanex during the 2nd quarter valued at about $33,000. CWM LLC bought a new position in shares of Methanex in the 2nd quarter worth approximately $33,000. SVB Wealth LLC bought a new position in shares of Methanex in the 1st quarter worth approximately $38,000. NewEdge Advisors LLC bought a new position in shares of Methanex in the 2nd quarter worth approximately $50,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Methanex in the 1st quarter worth approximately $55,000. Institutional investors own 73.49% of the company's stock.

Methanex Stock Down 1.9%

Shares of Methanex stock opened at $38.77 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00. The company's fifty day simple moving average is $35.24 and its two-hundred day simple moving average is $33.99. The company has a market cap of $3.00 billion, a P/E ratio of 11.44 and a beta of 0.87. Methanex has a 12-month low of $25.46 and a 12-month high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.55. The business had revenue of $808.46 million for the quarter, compared to the consensus estimate of $835.04 million. Methanex had a net margin of 7.02% and a return on equity of 12.61%. The company's quarterly revenue was down 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS. Research analysts anticipate that Methanex will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.9%. Methanex's dividend payout ratio is currently 21.83%.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.

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