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

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

Methanex Stock Down 1.2%

Shares of NASDAQ:MEOH traded down $0.79 during midday trading on Thursday, hitting $62.76. The stock had a trading volume of 579,589 shares, compared to its average volume of 991,559. Methanex has a 12 month low of $32.00 and a 12 month high of $66.75. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83. The business’s 50-day simple moving average is $60.91 and its 200-day simple moving average is $56.17. The company has a market cap of $4.86 billion, a P/E ratio of 60.93 and a beta of 0.71.

Wall Street Analysts Forecast Growth

MEOH has been the subject of a number of analyst reports. UBS Group raised their target price on shares of Methanex from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Weiss Ratings raised shares of Methanex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 12th. Raymond James Financial boosted their price target on shares of Methanex from $65.00 to $72.00 and gave the stock a “market perform” rating in a research report on Monday. Royal Bank Of Canada reduced 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. Finally, National Bank Financial raised their price objective on Methanex from $70.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and an average price target 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.