Methanex (NASDAQ:MEOH) Shares Gap Up After Earnings Beat

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. 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 changing hands.

The specialty chemicals company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.77. The firm 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%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MEOH shares. Piper Sandler lifted their price target on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. UBS Group reduced their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday. Raymond James reduced their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. Finally, Barclays cut shares of Methanex from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $56.00 to $44.00 in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Methanex has a consensus rating of “Moderate Buy” and a consensus price target of $55.25.

Institutional Trading of Methanex

Several institutional investors have recently added to or reduced their stakes in MEOH. Headlands Technologies LLC grew its position in shares of Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after acquiring an additional 700 shares during the last quarter. Larson Financial Group LLC bought a new position in shares of Methanex during the first quarter worth about $45,000. Blue Trust Inc. grew its position in shares of Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Methanex by 572.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after acquiring an additional 1,626 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Methanex during the second quarter worth about $201,000. Institutional investors own 73.49% of the company’s stock.

Methanex Stock Up 7.4 %

The firm’s 50-day moving average price is $41.08 and its 200 day moving average price is $46.03. The firm has a market cap of $2.82 billion, a P/E ratio of 19.46 and a beta of 1.36. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

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.