Methanex (NASDAQ:MEOH) Issues Quarterly Earnings Results, Misses Estimates By $0.13 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 the consensus estimate of $4.00 by ($0.13), FiscalAI reports. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.43 billion. Methanex had a return on equity of 11.46% and a net margin of 2.07%.The business’s revenue for the quarter was up 75.0% on a year-over-year basis. During the same period last year, the company earned $0.97 EPS.

Methanex Price Performance

MEOH traded up $0.64 during trading on Thursday, hitting $55.28. The company’s stock had a trading volume of 595,933 shares, compared to its average volume of 1,121,679. The firm’s 50 day moving average price is $54.25 and its two-hundred day moving average price is $54.40. 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 has a 12 month low of $32.00 and a 12 month high of $66.75. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 53.59 and a beta of 0.60.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio (DPR) is currently -151.02%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amundi increased its holdings in shares of Methanex by 3.9% in the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Methanex during the second quarter worth $419,000. Invesco Ltd. lifted its stake in shares of Methanex by 15.7% during the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after acquiring an additional 33,827 shares during the period. AXA S.A. bought a new position in Methanex in the second quarter valued at about $166,000. Finally, Qube Research & Technologies Ltd increased its position in Methanex by 327.0% in the second quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock worth $1,565,000 after purchasing an additional 36,211 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

MEOH has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut Methanex from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $56.00 to $65.00 in a report on Friday, May 1st. UBS Group upped their price target on Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Canadian Imperial Bank of Commerce upgraded Methanex from a “neutral” rating to a “sector outperform” rating and increased their price objective for the stock from $69.00 to $71.00 in a research note on Monday, July 20th. Royal Bank Of Canada cut their price objective on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a report on Wednesday, July 1st. Finally, National Bank Financial set a $70.00 target price on shares of Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target 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).