Methanex (NASDAQ:MEOH) Shares Up 8.7% – Here’s What Happened

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) rose 8.7% during trading on Monday . The stock traded as high as $54.28 and last traded at $54.19. Approximately 484,738 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 658,360 shares. The stock had previously closed at $49.83.

Wall Street Analysts Forecast Growth

MEOH has been the topic of several analyst reports. Royal Bank Of Canada lifted their price target on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Methanex in a report on Monday, December 29th. Zacks Research raised Methanex from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 27th. Scotiabank restated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. Finally, Raymond James Financial downgraded Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.70.

Methanex Stock Performance

The firm has a market cap of $4.16 billion, a PE ratio of 47.58 and a beta of 0.65. The business has a 50 day simple moving average of $47.45 and a two-hundred day simple moving average of $40.88. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). The company had revenue of $968.81 million during the quarter, compared to analysts’ expectations of $1.03 billion. Methanex had a net margin of 2.21% and a return on equity of 5.35%. Methanex’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $1.24 earnings per share. As a group, equities research analysts forecast that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Methanex’s dividend payout ratio is presently 65.49%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its holdings in Methanex by 8.3% during the fourth quarter. Invesco Ltd. now owns 254,573 shares of the specialty chemicals company’s stock worth $10,112,000 after buying an additional 19,588 shares during the period. Alberta Investment Management Corp boosted its position in Methanex by 12.0% during the fourth quarter. Alberta Investment Management Corp now owns 1,111,000 shares of the specialty chemicals company’s stock valued at $44,129,000 after purchasing an additional 119,000 shares in the last quarter. Wellington Management Group LLP grew its stake in Methanex by 629.5% in the fourth quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock valued at $92,000,000 after purchasing an additional 1,998,763 shares during the last quarter. Toronto Dominion Bank raised its holdings in Methanex by 11.3% in the fourth quarter. Toronto Dominion Bank now owns 55,872 shares of the specialty chemicals company’s stock worth $2,216,000 after purchasing an additional 5,690 shares in the last quarter. Finally, Orion Resource Partners LP lifted its position in shares of Methanex by 157.6% during the fourth quarter. Orion Resource Partners LP now owns 126,323 shares of the specialty chemicals company’s stock valued at $5,011,000 after buying an additional 77,291 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

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).