Methanex (NASDAQ:MEOH) Shares Gap Up – Time to Buy?

Shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) gapped up prior to trading on Thursday . The stock had previously closed at $59.04, but opened at $62.17. Methanex shares last traded at $60.7280, with a volume of 211,442 shares.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Zacks Research lowered Methanex from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. BMO Capital Markets lifted their price target on shares of Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Canadian Imperial Bank of Commerce boosted their price objective on shares of Methanex from $52.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Royal Bank Of Canada downgraded shares of Methanex from an “outperform” rating to a “sector perform” rating and set a $65.00 price objective for the company. in a report on Thursday. Finally, Jefferies Financial Group lifted their target price on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, six have given 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 a consensus rating of “Moderate Buy” and an average price target of $54.50.

Methanex Stock Performance

The stock has a market cap of $4.58 billion, a P/E ratio of 52.15 and a beta of 0.56. The firm has a 50 day moving average of $51.70 and a two-hundred day moving average of $43.30. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06.

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

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a dividend of $0.185 per share. The ex-dividend date was Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. Methanex’s dividend payout ratio (DPR) is currently 65.49%.

Institutional Investors Weigh In On Methanex

Several large investors have recently made changes to their positions in the company. NewEdge Advisors LLC acquired a new position in shares of Methanex during the second quarter worth approximately $50,000. Parkside Financial Bank & Trust increased its holdings in shares of Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after purchasing an additional 1,232 shares in the last quarter. Clearstead Advisors LLC raised its position in Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after purchasing an additional 1,375 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Methanex by 131.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after buying an additional 1,410 shares in the last quarter. Finally, AXA S.A. bought a new position in Methanex in the 2nd quarter valued at $166,000. Institutional investors own 73.49% of the company’s stock.

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).