Methanex (NASDAQ:MEOH) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Methanex (NASDAQ:MEOH) (TSE:MX) posted its quarterly earnings data on Tuesday. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing the consensus estimate of $3.95 by ($0.08), FiscalAI reports. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business posted $0.97 EPS. The business’s quarterly revenue was up 75.0% on a year-over-year basis.

Methanex Trading Down 2.0%

Methanex stock traded down $1.05 during mid-day trading on Wednesday, hitting $52.15. The stock had a trading volume of 258,727 shares, compared to its average volume of 1,115,177. The stock has a 50-day simple moving average of $54.37 and a two-hundred day simple moving average of $54.34. The stock has a market capitalization of $4.03 billion, a PE ratio of -106.45 and a beta of 0.60. Methanex has a 12 month low of $32.00 and a 12 month high of $66.75. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio is -151.02%.

Institutional Investors Weigh In On Methanex

A number of institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC bought 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 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after acquiring an additional 812 shares during the last quarter. AXA S.A. acquired a new position in shares of Methanex in the 2nd quarter valued at $166,000. Barclays PLC lifted its stake in shares of Methanex by 115.3% in the 4th quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after purchasing an additional 2,249 shares during the period. Finally, Mariner LLC bought a new position in shares of Methanex in the 4th quarter worth $207,000. 73.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MEOH. Raymond James Financial raised their price target on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. National Bank Financial set a $70.00 target price on Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th. Scotiabank raised their target price on Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Royal Bank Of Canada cut their price target on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a report on Wednesday, July 1st. Finally, Canadian Imperial Bank of Commerce upgraded shares of Methanex from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $69.00 to $71.00 in a research report on Monday, July 20th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.00.

Methanex Company Profile

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).