Methanex Corporation (NASDAQ:MEOH) was downgraded by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. They currently have a $67.50 target price on the stock, down from their previous target price of $70.00. BMO Capital Markets’ target price indicates a potential upside of 9.93% from the company’s current price.
The analysts wrote, “We are updating estimates to incorporate higher December North American and Asia posted contract prices. We have also updated our mid-term (+three–four year) global methanol supply/demand balance to incorporate potential supply-side developments…The ~6% increase in December contract prices lifted our Q4/13 and 2014 EBITDA estimates by ~5% and ~1%, respectively. However, since providing a methanol market update in our November 20 comment, two supply-side developments (the OCI build announcement and the Iran nuclear agreement) have emerged that start to soften our previous expectations of continued tight methanol market conditions in the 2017/18 time frame.”
Methanex Corporation (NASDAQ:MEOH) traded down 1.48% on Monday, hitting $60.491. The stock had a trading volume of 640,642 shares. Methanex Corporation has a 52-week low of $30.32 and a 52-week high of $65.16. The stock has a 50-day moving average of $59.01 and a 200-day moving average of $49.73. The company has a market cap of $5.788 billion and a P/E ratio of 96.09.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Friday, December 13th.
A number of other analysts have also recently weighed in on MEOH. Analysts at Raymond James downgraded shares of Methanex Corporation from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday, November 26th. They now have a $68.00 price target on the stock. Separately, analysts at Monness Crespi & Hardt raised their price target on shares of Methanex Corporation from $65.00 to $70.00 in a research note to investors on Friday, November 15th. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Methanex Corporation in a research note to investors on Friday, November 1st. They now have a $65.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $57.00.
Methanex Corporation (NASDAQ:MEOH) produces and markets methanol, a chemical that is used to make a range of industrial, consumer and energy products.
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