Methanex (NASDAQ:MEOH) Shares Gap Up – Here’s Why

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares gapped up prior to trading on Friday . The stock had previously closed at $59.46, but opened at $61.91. Methanex shares last traded at $63.19, with a volume of 704,121 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MEOH. Zacks Research downgraded Methanex from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Raymond James Financial increased their target price on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, March 10th. BMO Capital Markets raised their price target on shares of Methanex from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Royal Bank Of Canada lifted their price target on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Canadian Imperial Bank of Commerce upped their price target on shares of Methanex from $52.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.36.

Methanex Trading Up 9.7%

The business has a fifty day simple moving average of $50.88 and a 200 day simple moving average of $42.85. The company has a market cap of $5.04 billion, a P/E ratio of 57.72 and a beta of 0.65. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). The business had revenue of $968.81 million for the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 EPS. Analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s dividend payout ratio is currently 65.49%.

Hedge Funds Weigh In On Methanex

A number of large investors have recently bought and sold shares of MEOH. NewEdge Advisors LLC acquired a new position in Methanex in the second quarter valued at approximately $50,000. Parkside Financial Bank & Trust raised its position in shares of Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after purchasing an additional 1,232 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after purchasing an additional 1,375 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Methanex by 131.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after purchasing an additional 1,410 shares during the last quarter. Finally, AXA S.A. acquired a new position in Methanex during the 2nd quarter valued at approximately $166,000. Institutional investors own 73.49% of the company’s stock.

About Methanex

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).