Methanex (NASDAQ:MEOH) Shares Gap Up – Should You Buy?

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $45.95, but opened at $47.59. Methanex shares last traded at $47.9570, with a volume of 194,833 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Scotiabank boosted their price objective on Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Raymond James Financial lifted their price target on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Weiss Ratings lowered shares of Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Wall Street Zen upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Royal Bank Of Canada reduced their target price on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Methanex presently has a consensus rating of “Hold” and a consensus price target of $66.22.

Methanex Stock Down 1.5%

The firm has a market cap of $3.72 billion, a price-to-earnings ratio of -98.27 and a beta of 0.60. The firm has a 50 day moving average of $56.69 and a 200 day moving average of $53.14. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.08). The business had revenue of $957.42 million during the quarter, compared to analyst estimates of $964.76 million. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. Methanex’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $1.30 earnings per share. As a group, sell-side analysts predict that Methanex Corporation will post 8.18 earnings per share for the current year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a dividend of $0.185 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.74 annualized dividend and a yield of 1.5%. Methanex’s dividend payout ratio is currently -151.02%.

Institutional Investors Weigh In On Methanex

Several hedge funds and other institutional investors have recently bought and sold shares of MEOH. Public Employees Retirement System of Ohio boosted its position in shares of Methanex by 0.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after purchasing an additional 225 shares in the last quarter. AMG National Trust Bank increased its position in Methanex by 4.8% in the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock valued at $484,000 after buying an additional 374 shares in the last quarter. NewEdge Advisors LLC increased its position in Methanex by 33.3% in the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after buying an additional 812 shares during the period. Finally, Franklin Resources Inc. raised its stake in Methanex by 8.2% during the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock worth $425,000 after buying an additional 813 shares during the period. 73.49% of the stock is owned by institutional investors.

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).