Scotiabank Has Strong Forecast for Methanex FY2024 Earnings

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Research analysts at Scotiabank lifted their FY2024 earnings per share estimates for Methanex in a research note issued on Wednesday, January 8th. Scotiabank analyst B. Isaacson now anticipates that the specialty chemicals company will post earnings per share of $3.56 for the year, up from their previous estimate of $2.53. The consensus estimate for Methanex’s current full-year earnings is $3.11 per share.

Several other analysts have also issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research report on Monday, January 6th. UBS Group decreased their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Barclays lifted their target price on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.25.

Methanex Price Performance

Methanex stock opened at $47.71 on Friday. The stock has a market capitalization of $3.22 billion, a P/E ratio of 22.29 and a beta of 1.37. The company’s fifty day moving average price is $46.19 and its 200 day moving average price is $44.83. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43.

Institutional Trading of Methanex

Several institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new position in Methanex in the third quarter worth approximately $40,000. Barclays PLC grew its holdings in shares of Methanex by 64.9% during the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after purchasing an additional 8,047 shares during the period. Toronto Dominion Bank increased its position in shares of Methanex by 7.8% during the 3rd quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock worth $1,481,000 after purchasing an additional 2,590 shares during the last quarter. Geode Capital Management LLC raised its holdings in Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after buying an additional 1,203 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Methanex in the third quarter valued at about $1,092,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were paid a $0.185 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.55%. Methanex’s dividend payout ratio (DPR) is 34.58%.

About Methanex

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.