Methanex (NASDAQ:MEOH) Reaches New 52-Week High After Better-Than-Expected Earnings

Methanex Corporation (NASDAQ:MEOH) (TSE:MX)’s stock price hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $69.03 and last traded at $69.0730, with a volume of 275,011 shares trading hands. The stock had previously closed at $62.76.

The specialty chemicals company reported $3.69 EPS for the quarter, topping the consensus estimate of $2.84 by $0.85. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%. The firm’s revenue was up 49.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MEOH shares. National Bank Financial lifted their price objective on Methanex from $70.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, October 16th. Wall Street Zen raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $77.00 target price on shares of Methanex in a report on Monday, October 19th. UBS Group increased their target price on Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, October 5th. Finally, Weiss Ratings raised Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Methanex currently has an average rating of “Moderate Buy” and a consensus price target of $71.33.

Hedge Funds Weigh In On Methanex

Several hedge funds have recently made changes to their positions in MEOH. BlackRock Inc. acquired a new stake in shares of Methanex in the second quarter valued at approximately $26,154,000. Bank of America Corp DE lifted its position in Methanex by 202.3% during the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock worth $40,571,000 after buying an additional 455,975 shares in the last quarter. Engineers Gate Manager LP lifted its position in Methanex by 482.8% during the 2nd quarter. Engineers Gate Manager LP now owns 75,384 shares of the specialty chemicals company’s stock worth $3,479,000 after buying an additional 62,449 shares in the last quarter. Wealth High Governance Asset Management Ltda. bought a new stake in Methanex during the 1st quarter worth about $2,131,000. Finally, Readystate Asset Management LP acquired a new position in shares of Methanex during the 2nd quarter worth about $2,255,000. 73.49% of the stock is owned by institutional investors.

Methanex Stock Performance

The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 66.72 and a beta of 0.71. The stock’s 50 day moving average price is $60.91 and its 200 day moving average price is $56.17. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83.

About Methanex

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.