Methanex (MEOH) Price Target Increased to $89.00 by Analysts at Cowen

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target raised by Cowen from $80.00 to $89.00 in a report published on Monday morning, Marketbeat.com reports. Cowen currently has an outperform rating on the specialty chemicals company’s stock.

A number of other research analysts have also commented on the company. MED reissued a buy rating on shares of Methanex in a report on Monday, August 6th. Raymond James raised Methanex from a market perform rating to an outperform rating and raised their price target for the company from $72.00 to $90.00 in a report on Thursday, September 13th. BidaskClub raised Methanex from a buy rating to a strong-buy rating in a report on Friday, August 24th. Royal Bank of Canada raised their price target on Methanex from $78.00 to $83.00 and gave the company a sector perform rating in a report on Monday, October 1st. Finally, Monness Crespi & Hardt raised their target price on Methanex from $75.00 to $86.00 and gave the company a buy rating in a research note on Tuesday, September 25th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $83.73.

Shares of MEOH opened at $73.63 on Monday. The firm has a market cap of $5.94 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.68 and a beta of 1.56. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.83. Methanex has a one year low of $48.55 and a one year high of $83.23.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, July 25th. The specialty chemicals company reported $1.75 EPS for the quarter, meeting analysts’ consensus estimates of $1.75. The company had revenue of $950.00 million for the quarter, compared to analyst estimates of $872.10 million. Methanex had a return on equity of 28.64% and a net margin of 10.90%. The company’s quarterly revenue was up 42.0% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. Sell-side analysts anticipate that Methanex will post 7.34 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Sunday, September 30th. Investors of record on Sunday, September 16th were paid a dividend of $0.33 per share. The ex-dividend date was Thursday, September 13th. This represents a $1.32 annualized dividend and a yield of 1.79%. Methanex’s dividend payout ratio is currently 28.03%.

A number of hedge funds have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Methanex by 8.7% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 997,100 shares of the specialty chemicals company’s stock valued at $92,690,000 after buying an additional 79,700 shares in the last quarter. TD Asset Management Inc. boosted its position in shares of Methanex by 25.1% in the 2nd quarter. TD Asset Management Inc. now owns 737,671 shares of the specialty chemicals company’s stock valued at $52,128,000 after purchasing an additional 147,874 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Methanex by 60.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 601,759 shares of the specialty chemicals company’s stock valued at $42,525,000 after purchasing an additional 226,000 shares during the period. Addenda Capital Inc. boosted its position in shares of Methanex by 78.0% in the 2nd quarter. Addenda Capital Inc. now owns 477,338 shares of the specialty chemicals company’s stock valued at $31,014,000 after purchasing an additional 209,236 shares during the period. Finally, CIBC World Markets Inc. boosted its position in shares of Methanex by 2.5% in the 2nd quarter. CIBC World Markets Inc. now owns 477,053 shares of the specialty chemicals company’s stock valued at $33,728,000 after purchasing an additional 11,623 shares during the period. 76.38% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Methanex (NASDAQ:MEOH)

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