Methanex (NASDAQ:MEOH) Issues Quarterly Earnings Results, Beats Estimates By $0.85 EPS

Methanex (NASDAQ:MEOH) (TSE:MX) announced its earnings results on Thursday. The specialty chemicals company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.85, Zacks reports. Methanex had a return on equity of 11.35% and a net margin of 2.07%.

Methanex Stock Performance

Methanex stock traded down $0.79 during trading hours on Thursday, hitting $62.76. 579,589 shares of the stock traded hands, compared to its average volume of 991,559. The firm’s 50 day moving average price is $60.79 and its 200-day moving average price is $56.09. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of 60.93 and a beta of 0.71. Methanex has a 1 year low of $32.00 and a 1 year high of $66.75.

Wall Street Analysts Forecast Growth

MEOH has been the subject of several recent analyst reports. National Bank Financial raised their price target on Methanex from $70.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, October 16th. Weiss Ratings upgraded Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 12th. UBS Group upped their price objective on shares of Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a report on Monday, October 5th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $77.00 price objective on shares of Methanex in a research report on Monday, October 19th. Finally, Raymond James Financial lifted their target price on shares of Methanex from $65.00 to $72.00 and gave the stock a “market perform” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Methanex presently has a consensus rating of “Moderate Buy” and an average target price of $71.33.

About Methanex

Methanex Corporation is a global producer and supplier of methanol, a clear, biodegradable liquid chemical used in a wide range of industrial and consumer applications. The company markets methanol to customers worldwide and supports distribution through a global network of production facilities, storage terminals and transportation infrastructure.

Methanol is used to manufacture formaldehyde, acetic acid, solvents, adhesives, plastics and other chemical products. It is also used in fuel applications, including as a blending component, a feedstock for biodiesel and in the production of olefins and other alternative fuels.

Founded in 1992 and headquartered in Vancouver, British Columbia, Methanex operates production facilities and related assets in several regions, including North America, South America and New Zealand.