Methanex (NASDAQ:MEOH) Releases Earnings Results, Misses Estimates By $0.08 EPS

Methanex (NASDAQ:MEOH) (TSE:MX) posted its earnings results on Tuesday. The specialty chemicals company reported $3.87 EPS for the quarter, missing analysts’ consensus estimates of $3.95 by ($0.08), FiscalAI reports. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.43 billion.

Methanex Trading Down 1.8%

NASDAQ:MEOH traded down $0.98 during mid-day trading on Tuesday, hitting $53.20. 1,878,287 shares of the stock traded hands, compared to its average volume of 1,119,653. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. Methanex has a 52 week low of $32.00 and a 52 week high of $66.75. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of -108.57 and a beta of 0.60. The firm’s 50 day moving average is $54.55 and its two-hundred day moving average is $54.28.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, September 16th. Methanex’s dividend payout ratio is presently -151.02%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MEOH. NewEdge Advisors LLC bought a new position in shares of Methanex during the second quarter valued at approximately $50,000. Parkside Financial Bank & Trust lifted its stake in shares of Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after acquiring an additional 812 shares during the last quarter. AXA S.A. bought a new stake in shares of Methanex during the 2nd quarter worth approximately $166,000. Barclays PLC boosted its holdings in Methanex by 115.3% during the 4th quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after acquiring an additional 2,249 shares during the period. Finally, Mariner LLC purchased a new position in Methanex during the 4th quarter valued at $207,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MEOH shares. Royal Bank Of Canada dropped their price objective on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 1st. Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Zacks Research downgraded Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. National Bank Financial set a $70.00 price objective on Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, UBS Group lifted their target price on Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Methanex currently has a consensus rating of “Hold” and a consensus price target of $69.00.

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).