Celanese (NYSE:CE) Issues FY24 Earnings Guidance

Celanese (NYSE:CE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $10.25-10.75 for the period, compared to the consensus estimate of $11.11. Celanese also updated its FY 2024 guidance to 10.250-10.750 EPS.

Celanese Stock Performance

Shares of CE stock traded down $6.00 during trading hours on Friday, hitting $131.55. The company’s stock had a trading volume of 1,558,092 shares, compared to its average volume of 759,015. The stock has a market cap of $14.37 billion, a PE ratio of 7.24, a price-to-earnings-growth ratio of 0.59 and a beta of 1.30. Celanese has a 12-month low of $110.76 and a 12-month high of $172.16. The company has a 50 day moving average of $140.61 and a 200 day moving average of $150.24. The company has a current ratio of 1.21, a quick ratio of 0.73 and a debt-to-equity ratio of 1.46.

Celanese (NYSE:CE) last issued its quarterly earnings results on Thursday, August 1st. The basic materials company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.42). The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Celanese had a return on equity of 13.73% and a net margin of 18.24%. Celanese’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.17 EPS. On average, sell-side analysts forecast that Celanese will post 11.26 EPS for the current fiscal year.

Celanese Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Tuesday, July 30th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Tuesday, July 30th. Celanese’s dividend payout ratio is presently 15.41%.

Wall Street Analysts Forecast Growth

CE has been the topic of a number of research reports. UBS Group decreased their price objective on Celanese from $193.00 to $184.00 and set a buy rating on the stock in a report on Tuesday, July 9th. Citigroup lowered their price target on shares of Celanese from $167.00 to $148.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Celanese from $175.00 to $160.00 and set a hold rating for the company in a report on Monday, June 10th. Piper Sandler boosted their target price on Celanese from $170.00 to $180.00 and gave the stock an overweight rating in a report on Friday, May 17th. Finally, Royal Bank of Canada upped their price target on Celanese from $171.00 to $176.00 and gave the company an outperform rating in a research report on Monday, May 13th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $162.75.

About Celanese

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.