Methanex (NASDAQ:MEOH) Shares Gap Up - Should You Buy?

Methanex Co. (NASDAQ:MEOH - Get Free Report) TSE: MX's share price gapped up prior to trading on Friday . The stock had previously closed at $34.43, but opened at $36.00. Methanex shares last traded at $36.57, with a volume of 269,481 shares.

Analyst Ratings Changes

Several brokerages recently commented on MEOH. Piper Sandler set a $48.00 price objective on Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. UBS Group reduced their price target on Methanex from $51.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Scotiabank raised Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price objective on the stock in a research note on Monday, May 5th. Finally, Raymond James dropped their target price on Methanex from $62.00 to $40.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Methanex has an average rating of "Moderate Buy" and an average price target of $44.88.

Methanex Price Performance

The stock has a 50 day moving average of $31.44 and a 200-day moving average of $40.32. The company has a market cap of $2.43 billion, a PE ratio of 15.58 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The firm had revenue of $857.90 million during the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the previous year, the business posted $0.65 EPS. The business's revenue was down 2.2% compared to the same quarter last year. Equities analysts predict that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Monday, June 16th. Methanex's dividend payout ratio is currently 24.83%.

Hedge Funds Weigh In On Methanex

A number of large investors have recently added to or reduced their stakes in MEOH. US Bancorp DE grew its holdings in shares of Methanex by 35.7% during the fourth quarter. US Bancorp DE now owns 18,840 shares of the specialty chemicals company's stock worth $941,000 after buying an additional 4,952 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Methanex by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company's stock worth $105,779,000 after purchasing an additional 37,658 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Methanex by 17.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,316 shares of the specialty chemicals company's stock worth $415,000 after purchasing an additional 1,245 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Methanex during the fourth quarter worth about $1,170,000. Finally, Ameriprise Financial Inc. lifted its stake in Methanex by 3.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock worth $588,000 after acquiring an additional 383 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Company Profile

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.