Q3 2024 Earnings Estimate for Methanex Co. (NASDAQ:MEOH) Issued By Raymond James

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Equities researchers at Raymond James raised their Q3 2024 earnings per share estimates for Methanex in a research note issued on Tuesday, September 10th. Raymond James analyst S. Hansen now forecasts that the specialty chemicals company will post earnings per share of $0.52 for the quarter, up from their previous estimate of $0.40. Raymond James currently has a “Outperform” rating and a $54.00 price target on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.49 per share. Raymond James also issued estimates for Methanex’s FY2024 earnings at $2.80 EPS.

MEOH has been the topic of several other research reports. Scotiabank lifted their price target on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their target price on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. Barclays cut shares of Methanex from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $56.00 to $44.00 in a research report on Tuesday. Finally, UBS Group dropped their price target on shares of Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and an average price target of $55.88.

Methanex Price Performance

Shares of MEOH stock opened at $37.39 on Thursday. The firm’s 50-day moving average is $45.69 and its two-hundred day moving average is $47.30. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. The company has a market capitalization of $2.52 billion, a PE ratio of 15.84 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business had revenue of $920.00 million for the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the previous year, the firm earned $0.60 EPS. The company’s quarterly revenue was down 2.0% compared to the same quarter last year.

Institutional Investors Weigh In On Methanex

A number of hedge funds have recently added to or reduced their stakes in the business. M&G Plc purchased a new stake in shares of Methanex during the first quarter worth $589,459,000. FIL Ltd boosted its stake in shares of Methanex by 4.9% in the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after buying an additional 346,475 shares during the period. Wellington Management Group LLP grew its position in shares of Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after buying an additional 599,778 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Methanex by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after buying an additional 43,178 shares during the period. Finally, Bank of Montreal Can raised its holdings in Methanex by 16.3% in the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after acquiring an additional 159,542 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s dividend payout ratio (DPR) is currently 31.36%.

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.