|Over a week ago|
Methanex invests in tech to reduce emissions at New Zealand site » 17:0109/2609/26/22
Methanex Corporation announced it has made a significant investment to reduce carbon emissions at its Motunui facility in New Zealand. This multi-million-dollar investment will involve improving the technology in the facility's distillation columns over the next 12 months. The efficiency improvements provide an economic payback within two years. Once completed, this project has the potential to reduce the site's carbon emissions by over 50,000 tonnes per annum, the equivalent of taking 20,000 cars off the road. "We're excited to announce this new investment in our Motunui facility as a demonstration of our commitment to emissions reduction in New Zealand and globally," said Stuart McCall, Managing Director, Methanex New Zealand. "With this new technology, we will no longer need to distill crude methanol at our Waitara Valley plant, thereby reducing our energy consumption and overall emissions."
Methanex upgraded at Scotiabank after 'unwarranted' selloff » 09:0909/2609/26/22
Scotiabank analyst Ben…
Scotiabank analyst Ben Isaacson upgraded Methanex to Outperform from Sector Perform with a $46 price target, recommending investors buy following the selloff in the stock that he describes as "sharp and largely unwarranted." He does not have an "elaborate multi-pronged thesis," but tells investors that "valuation has moved so far offside from fair value" that the stock is no longer pricing in a reasonable bear case. The stock is down over 40% over the past four months, on "little more than macro warnings," Isaacson noted. A mid-cycle fair value implies 70% upside from here, or 150% upside when including G3, for which commissioning is scheduled in Q4 of 2023, Isaacson added.
Methanex upgraded to Outperform from Sector Perform at Scotiabank » 06:3809/2609/26/22
Scotiabank analyst Ben…
Scotiabank analyst Ben Isaacson upgraded Methanex to Outperform from Sector Perform.
Methanex announces TSX approval of 5% share repurchase program » 17:0209/2109/21/22
Methanex announced that…
Methanex announced that the Toronto Stock Exchange has approved the company's previously announced Normal Course Issuer Bid. Pursuant to the NCIB, the Company will purchase for cancellation up to 3,506,405 common shares, representing 5% of the 70,128,109 Shares issued and outstanding as of September 15, 2022. Purchases will be made on the open market through the facilities of the TSX and will commence on September 26, 2022 and end no later than September 25, 2023. Any purchases will be made from time to time at the then current market price of the Shares and all Shares purchased under the NCIB will be cancelled. Subject to certain exceptions for block purchases, any daily purchases under the NCIB through the TSX will not exceed 54,902 Shares, representing 25% of the Company's average daily trading volume on the TSX for the six month period ended on August 31, 2022. The Company intends to enter into an automatic securities purchase plan with its broker in connection with purchases to be made under the NCIB.
Methanex CEO John Floren to retire, Rich Sumner to succeed » 17:1509/1509/15/22
The Board of Directors of…
The Board of Directors of Methanex announced that John Floren will retire as President and CEO and from the Board as of December 31, 2022. The Board has appointed Rich Sumner as President & CEO and member of the Board of Directors, effective January 1, 2023. Sumner currently holds the position of Methanex's Senior Vice President, Global Marketing & Logistics and has been with the company since 2004.
Methanex board approves buyback program for 3.5M shares or 5% of outstanding » 17:0209/1509/15/22
Methanex "announced that its Board of Directors has approved a Normal Course Issuer Bid whereby the Company will purchase for cancellation up to 3,506,405 common shares, representing 5% of the Shares issued and outstanding as of September 15, 2022."
|Over a month ago|
Methanex price target lowered to $52 from $60 at Barclays » 06:2308/0208/02/22
Barclays analyst Michael…
Barclays analyst Michael Leithead lowered the firm's price target on Methanex to $52 from $60 and keeps an Overweight rating on the shares following the Q2 miss.
Methanex price target lowered to $40 from $48 at Piper Sandler » 06:0707/2907/29/22
Piper Sandler analyst…
Piper Sandler analyst Charles Neivert lowered the firm's price target on Methanex to $40 from $48 and keeps an Underweight rating on the shares. Based on reported Q2 results and a less constructive outlook for methanol demand and pricing, the analyst lowered EBITDA estimates for 2022 and 2023.
Methanex reports Q2 adjusted EPS $1.16, consensus $1.23 » 17:0407/2707/27/22
Reports Q2 revenue…
Reports Q2 revenue $1.14B, consensus $982.64M. John Floren, President & CEO of Methanex, said, "Our Geismar 3 project is progressing safely and I am happy to report the narrowed capital cost range and updated timing for first production. I am proud of the project team's excellent execution to date which has allowed us to minimize the impact of inflationary pressures and will enable us to deliver significant shareholder value when G3 is operational in the fourth quarter of 2023. The recent 20% dividend increase, our third dividend increase in the past twelve months, demonstrates our confidence in the cash flow generating power of our well-positioned asset portfolio and reinforces our commitment to return excess cash to shareholders."
Methanex raises quarterly dividend 20% to 17.5c from 14.5c per share » 17:2107/1407/14/22
The increased dividend…
The increased dividend will apply to the dividend payable on September 30 to holders of common shares of record on September 16.