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

Methanex (NASDAQ:MEOH) (TSE:MX) posted its quarterly earnings results on Tuesday. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.95 by ($0.08), FiscalAI reports. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.

Methanex Stock Down 1.8%

NASDAQ:MEOH traded down $0.98 during trading hours on Tuesday, reaching $53.20. The company’s stock had a trading volume of 1,878,296 shares, compared to its average volume of 1,120,073. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -108.57 and a beta of 0.60. Methanex has a one year low of $32.00 and a one year high of $66.75. The business’s 50-day moving average is $54.55 and its 200-day moving average is $54.28. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.96 and a quick ratio of 1.26.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.185 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.4%. Methanex’s dividend payout ratio is currently -151.02%.

Hedge Funds Weigh In On Methanex

Institutional investors have recently bought and sold shares of the stock. Invesco Ltd. boosted its stake in shares of Methanex by 8.3% during the 4th quarter. Invesco Ltd. now owns 254,573 shares of the specialty chemicals company’s stock worth $10,112,000 after acquiring an additional 19,588 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Methanex by 629.5% in the 4th quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock valued at $92,000,000 after acquiring an additional 1,998,763 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Methanex by 11.3% in the 4th quarter. Toronto Dominion Bank now owns 55,872 shares of the specialty chemicals company’s stock valued at $2,216,000 after acquiring an additional 5,690 shares in the last quarter. Orion Resource Partners LP lifted its holdings in Methanex by 157.6% in the 4th quarter. Orion Resource Partners LP now owns 126,323 shares of the specialty chemicals company’s stock worth $5,011,000 after purchasing an additional 77,291 shares during the last quarter. Finally, Investment Management Corp of Ontario acquired a new stake in Methanex in the 4th quarter worth approximately $324,000. 73.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MEOH has been the topic of several research reports. Scotiabank upped their price objective on shares of Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. lowered shares of Methanex from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $56.00 to $65.00 in a research note on Friday, May 1st. Royal Bank Of Canada lowered their price target 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. Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Finally, Raymond James Financial increased their price objective on Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average 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).