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

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) gapped up prior to trading on Tuesday . The stock had previously closed at $39.15, but opened at $40.68. Methanex shares last traded at $40.59, with a volume of 3,629 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MEOH. Jefferies Financial Group boosted their price target on shares of Methanex from $45.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. upgraded shares of Methanex from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $33.00 to $38.00 in a research report on Friday, October 31st. National Bank Financial assumed coverage on Methanex in a research report on Friday, September 26th. They set an “outperform” rating and a $47.00 price target on the stock. Zacks Research upgraded Methanex from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Methanex Stock Performance

The business has a 50 day moving average price of $36.76 and a two-hundred day moving average price of $36.09. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09. The company has a market cap of $3.11 billion, a P/E ratio of 13.62 and a beta of 0.77.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.45). Methanex had a net margin of 5.97% and a return on equity of 9.07%. The company had revenue of $924.87 million during the quarter, compared to the consensus estimate of $977.82 million. During the same quarter in the previous year, the firm posted $1.21 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, December 17th. Methanex’s dividend payout ratio is 25.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MEOH. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Methanex in the 2nd quarter worth approximately $33,000. CWM LLC bought a new stake in Methanex in the second quarter valued at $33,000. SVB Wealth LLC purchased a new position in Methanex during the 1st quarter valued at $38,000. NewEdge Advisors LLC bought a new position in Methanex in the 2nd quarter worth $50,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Methanex by 1,244.4% in 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. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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).