Methanex (MEOH) Hits New 52-Week High and Low on Analyst Upgrade

Methanex (NASDAQ:MEOH) (TSE:MX) reached a new 52-week high and low on Tuesday after Cowen raised their price target on the stock from $69.00 to $75.00. Cowen currently has an outperform rating on the stock. Methanex traded as low as $69.20 and last traded at $68.75, with a volume of 317297 shares changing hands. The stock had previously closed at $67.40.

A number of other research analysts also recently issued reports on the company. BidaskClub upgraded Methanex from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 10th. TD Securities boosted their price target on Methanex from $68.00 to $69.00 and gave the company a “hold” rating in a report on Wednesday, April 11th. ValuEngine upgraded Methanex from a “buy” rating to a “strong-buy” rating in a report on Monday, April 2nd. Royal Bank of Canada restated a “hold” rating and set a $63.00 price target on shares of Methanex in a report on Friday, December 22nd. Finally, Monness Crespi & Hardt boosted their price target on Methanex from $65.00 to $72.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $59.71.

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Several hedge funds have recently bought and sold shares of MEOH. FineMark National Bank & Trust purchased a new position in shares of Methanex during the 4th quarter worth approximately $253,000. FNY Partners Fund LP purchased a new position in shares of Methanex during the 4th quarter worth approximately $302,000. AXA purchased a new position in shares of Methanex during the 4th quarter worth approximately $442,000. Twin Tree Management LP purchased a new position in shares of Methanex during the 4th quarter worth approximately $679,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Methanex during the 3rd quarter worth approximately $704,000. Hedge funds and other institutional investors own 80.29% of the company’s stock.

The company has a debt-to-equity ratio of 0.83, a current ratio of 1.66 and a quick ratio of 1.25. The firm has a market capitalization of $5,559.00, a price-to-earnings ratio of 14.55, a P/E/G ratio of 0.72 and a beta of 1.63.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, January 31st. The specialty chemicals company reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.51. Methanex had a return on equity of 22.72% and a net margin of 10.34%. The firm had revenue of $861.00 million for the quarter, compared to the consensus estimate of $796.57 million. During the same quarter in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. analysts expect that Methanex 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. Shareholders of record on Saturday, March 17th were issued a dividend of $0.33 per share. This is an increase from Methanex’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, March 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.92%. Methanex’s dividend payout ratio is 28.03%.

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

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About Methanex

Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells 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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