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

by · The Markets Daily

Methanex Corporation (NASDAQ:MEOH – Get Free Report) (TSE:MX)’s stock price 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 changing hands.

Analyst Upgrades and Downgrades

MEOH has been the topic of a number of research analyst reports. National Bankshares set a $47.00 target price on shares of Methanex and gave the company an “outperform” rating in a report on Thursday, September 25th. Weiss Ratings reissued a “hold (c-)” rating on shares of Methanex in a research report on Monday, December 8th. Scotiabank cut their price objective on Methanex from $50.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Monday, November 3rd. National Bank Financial began coverage on Methanex in a research note on Friday, September 26th. They issued an “outperform” rating and a $47.00 price target on the stock. Finally, JPMorgan Chase & Co. raised shares of Methanex from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $33.00 to $38.00 in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $46.55.

View Our Latest Stock Report on MEOH

Methanex Trading Down 0.4%

The firm has a market capitalization of $3.13 billion, a P/E ratio of 13.71 and a beta of 0.77. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97. The firm has a 50 day moving average of $36.58 and a 200-day moving average of $36.01.

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

Methanex Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MEOH. Deutsche Bank AG increased its holdings in Methanex by 19.9% in the first quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company’s stock valued at $106,000 after purchasing an additional 500 shares during the period. NewEdge Advisors LLC grew its position in shares of 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 during the last quarter. Value Partners Investments Inc. increased its stake in shares of Methanex by 3.0% in the third quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock valued at $789,000 after buying an additional 570 shares during the period. Amundi raised its position in shares of Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock worth $800,000 after acquiring an additional 848 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Methanex by 4.5% in the third quarter. Ameriprise Financial Inc. now owns 20,636 shares of the specialty chemicals company’s stock worth $820,000 after acquiring an additional 898 shares during the period. Institutional investors own 73.49% of the company’s stock.

About Methanex

(Get Free Report)

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).

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