Methanex (NASDAQ:MEOH) Stock Price Down 4.2% - Here's What Happened

Key Points

• Shares fell 4.2% to $57.26 on Tuesday on very light trading (≈79,595 shares, down about 94% from the daily average).
• Methanex carries a MarketBeat consensus rating of "Moderate Buy" with an average target of $55.50, while analyst views are mixed—UBS raised its target to $70 (buy) even as Zacks recently moved to a strong sell.
• The company missed quarterly estimates, reporting ($0.14) EPS vs. $0.81 expected and $968.8M revenue vs. $1.03B expected, but it pays a quarterly dividend of $0.185 (1.3% yield) and analysts forecast $4.32 EPS for the fiscal year.

Shares of Methanex Corporation (NASDAQ:MEOH - Get Free Report) TSE: MX were down 4.2% during trading on Tuesday . The company traded as low as $56.87 and last traded at $57.26. Approximately 79,595 shares changed hands during trading, a decline of 94% from the average daily volume of 1,249,122 shares. The stock had previously closed at $59.75.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MEOH. Canadian Imperial Bank of Commerce raised their price objective on shares of Methanex from $52.00 to $59.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Scotiabank reiterated an "outperform" rating on shares of Methanex in a research report on Wednesday, January 21st. UBS Group boosted their price objective on Methanex from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Royal Bank Of Canada lowered Methanex from an "outperform" rating to a "sector perform" rating and upped their price objective for the company from $55.00 to $65.00 in a report on Thursday, April 2nd. Finally, Zacks Research lowered Methanex from a "hold" rating to a "strong sell" rating in a report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Methanex currently has a consensus rating of "Moderate Buy" and an average target price of $55.50.

Methanex Stock Performance

The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 50.49 and a beta of 0.56. The company's 50-day simple moving average is $53.71 and its 200-day simple moving average is $44.53. 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 - Get Free Report) TSE: MX last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). The company had revenue of $968.81 million for the quarter, compared to the consensus estimate of $1.03 billion. Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business's revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.24 earnings per share. Analysts predict that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, March 17th. Methanex's dividend payout ratio (DPR) is 65.49%.

Institutional Investors Weigh In On Methanex

Hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its position in shares of Methanex by 33.3% in the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company's stock worth $80,000 after buying an additional 500 shares during the period. Value Partners Investments Inc. increased its holdings in Methanex by 3.0% in the third quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company's stock worth $789,000 after buying an additional 570 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings 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 valued at $85,000 after purchasing an additional 812 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Methanex by 8.2% in the fourth quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company's stock worth $425,000 after buying an additional 813 shares during the last quarter. Finally, Amundi lifted its holdings in Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company's stock worth $800,000 after purchasing an additional 848 shares during the last quarter. Hedge funds and other 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).

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