Methanex Maintained at Buy at TPH Following Q1 Results; Price Target at US$69.00

MT Newswires Live04-30 23:06

Tudor, Pickering, Holt on Thursday reiterated its buy rating on the shares of Methanex (MX.TO, MEOH) with a US$69.00 price target following the methanol producer's first-quarter results.

"Positive. MEOH reported adj Q1'26 EBITDA of $220mm, outpacing TPHe/consensus of $203mm/$208mm as well as Q4 of $186mm. Adj EPS was 30c (vs TPHe/consensus of 18c/38c). The stock is flat in pre-market trading. Relative to our modeling, the beat was driven by a higher realized price of $351/tonne (vs TPHe $337/tonne), likely due to better spot values as methanol prices surged in Mar from the Iran conflict. This was somewhat offset by higher implied costs ($252/tonne vs TPHe $245/tonne). Production (2.39mmt vs TPHe 2.27mmt) was higher than our modeling, thanks to solid rates in Geismar, NZ, and Egypt, but the inventory build was more than we had penciled in, resulting in sales volumes (2.23mmt vs TPHe 2.22mmt) that were inline," analyst Matthew Blair wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 87.61, Change: +0.96, Percent Change: +1.11

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