Analysts Issue Forecasts for Methanex Co.’s Q1 2024 Earnings (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Investment analysts at Raymond James raised their Q1 2024 earnings per share estimates for shares of Methanex in a research note issued to investors on Tuesday, April 16th. Raymond James analyst S. Hansen now anticipates that the specialty chemicals company will post earnings of $0.27 per share for the quarter, up from their previous estimate of $0.19. Raymond James has a “Outperform” rating and a $62.00 price objective on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.15 per share. Raymond James also issued estimates for Methanex’s Q2 2024 earnings at $0.70 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $2.79 EPS and FY2025 earnings at $5.65 EPS.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.24. The business had revenue of $922.00 million for the quarter, compared to analyst estimates of $901.21 million. Methanex had a return on equity of 6.71% and a net margin of 4.67%.

Other equities analysts have also issued research reports about the company. CIBC raised their price objective on Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Piper Sandler reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Methanex in a report on Thursday, March 7th. TheStreet raised Methanex from a “c” rating to a “b-” rating in a report on Thursday, January 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Methanex in a research note on Wednesday, April 3rd. Finally, Barclays increased their target price on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.50.

Methanex Stock Performance

NASDAQ:MEOH opened at $47.06 on Thursday. The business’s fifty day moving average price is $45.33 and its 200 day moving average price is $44.53. The firm has a market capitalization of $3.17 billion, a PE ratio of 19.13 and a beta of 1.50. Methanex has a 12 month low of $38.18 and a 12 month high of $51.42. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.14 and a quick ratio of 0.81.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Methanex by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,018,835 shares of the specialty chemicals company’s stock worth $90,949,000 after acquiring an additional 32,244 shares during the period. Citigroup Inc. grew its stake in Methanex by 40.2% in the 3rd quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock worth $183,000 after acquiring an additional 1,158 shares during the period. Ausbil Investment Management Ltd purchased a new stake in Methanex in the 4th quarter worth approximately $195,000. American Century Companies Inc. grew its stake in Methanex by 11.2% in the 3rd quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock worth $14,312,000 after acquiring an additional 31,950 shares during the period. Finally, Quantbot Technologies LP grew its stake in Methanex by 356.3% in the 3rd quarter. Quantbot Technologies LP now owns 17,583 shares of the specialty chemicals company’s stock worth $792,000 after acquiring an additional 13,730 shares during the period. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a $0.185 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.74 dividend on an annualized basis and a yield of 1.57%. Methanex’s dividend payout ratio (DPR) is presently 30.08%.

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.