Methanex (NASDAQ:MEOH) Shares Gap Up Following Strong Earnings

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $38.97, but opened at $42.50. Methanex shares last traded at $40.64, with a volume of 193,351 shares trading hands.

The specialty chemicals company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.77. The business had revenue of $935.00 million during the quarter, compared to the consensus estimate of $920.10 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MEOH shares. Barclays downgraded shares of Methanex from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $56.00 to $44.00 in a report on Tuesday, September 10th. Piper Sandler raised their target price on shares of Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. UBS Group lowered their price target on shares of Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.38.

Hedge Funds Weigh In On Methanex

A number of hedge funds have recently bought and sold shares of the business. MQS Management LLC purchased a new stake in shares of Methanex during the third quarter worth about $401,000. Chartwell Investment Partners LLC grew its stake in Methanex by 27.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 202,863 shares of the specialty chemicals company’s stock valued at $8,387,000 after acquiring an additional 44,173 shares in the last quarter. Westbourne Investment Advisors Inc. grew its stake in Methanex by 1.6% during the 3rd quarter. Westbourne Investment Advisors Inc. now owns 110,606 shares of the specialty chemicals company’s stock valued at $4,572,000 after acquiring an additional 1,789 shares in the last quarter. US Bancorp DE raised its holdings in Methanex by 34.2% in the 3rd quarter. US Bancorp DE now owns 13,888 shares of the specialty chemicals company’s stock valued at $574,000 after acquiring an additional 3,540 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in Methanex by 3.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock worth $897,000 after purchasing an additional 707 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Trading Up 7.5 %

The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 18.13 and a beta of 1.36. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $41.16 and a two-hundred day moving average price of $46.06.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.