Methanex (NASDAQ:MEOH) Given a $30.00 Price Target by Raymond James Analysts

Raymond James set a $30.00 price objective on Methanex (NASDAQ:MEOH) (TSE:MX) in a research report report published on Monday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Tudor Pickering cut Methanex from a hold rating to a sell rating and lowered their price target for the stock from $18.00 to $17.00 in a report on Friday, June 19th. Royal Bank of Canada upped their price target on Methanex from $25.00 to $28.00 and gave the stock an outperform rating in a report on Friday, August 28th. Jefferies Financial Group restated a buy rating and issued a $36.00 price target on shares of Methanex in a report on Tuesday, August 11th. Scotiabank upgraded Methanex from a sector perform rating to a sector outperform rating and upped their price target for the stock from $19.00 to $31.00 in a report on Thursday, June 4th. Finally, Barclays upped their price target on Methanex from $16.00 to $18.00 and gave the stock an equal weight rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. Methanex has an average rating of Hold and a consensus target price of $24.07.

Shares of MEOH stock opened at $22.75 on Monday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -31.16 and a beta of 2.31. The stock has a 50 day simple moving average of $22.23 and a 200-day simple moving average of $18.21. Methanex has a 12-month low of $9.00 and a 12-month high of $42.19. The company has a current ratio of 2.12, a quick ratio of 1.70 and a debt-to-equity ratio of 1.73.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, July 29th. The specialty chemicals company reported ($0.84) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.20. The business had revenue of $512.00 million during the quarter, compared to the consensus estimate of $482.39 million. Methanex had a negative return on equity of 4.07% and a negative net margin of 1.66%. The company’s revenue for the quarter was down 39.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 EPS. On average, equities analysts forecast that Methanex will post -2.33 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.038 per share. This represents a $0.15 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Tuesday, September 15th. This is a boost from Methanex’s previous quarterly dividend of $0.04. Methanex’s dividend payout ratio is 16.13%.

A number of large investors have recently made changes to their positions in MEOH. M&G Investment Management Ltd. boosted its holdings in shares of Methanex by 2.2% during the second quarter. M&G Investment Management Ltd. now owns 14,629,422 shares of the specialty chemicals company’s stock worth $263,330,000 after purchasing an additional 320,640 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Methanex by 2.1% during the first quarter. Royal Bank of Canada now owns 1,568,509 shares of the specialty chemicals company’s stock worth $19,089,000 after purchasing an additional 32,554 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. boosted its holdings in shares of Methanex by 8.6% during the first quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 908,865 shares of the specialty chemicals company’s stock worth $11,070,000 after purchasing an additional 72,355 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Methanex by 104.1% during the first quarter. Morgan Stanley now owns 741,097 shares of the specialty chemicals company’s stock worth $9,018,000 after purchasing an additional 378,080 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Methanex by 97.8% during the second quarter. Great West Life Assurance Co. Can now owns 485,839 shares of the specialty chemicals company’s stock worth $8,745,000 after purchasing an additional 240,207 shares during the last quarter. Hedge funds and other institutional investors own 58.75% of the company’s stock.

Methanex Company Profile

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.

Further Reading: Limitations of the P/E Growth ratio

Analyst Recommendations for Methanex (NASDAQ:MEOH)

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