Equities Analysts Set Expectations for Methanex Co.’s Q3 2024 Earnings (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Equities research analysts at Scotiabank issued their Q3 2024 earnings per share (EPS) estimates for shares of Methanex in a report issued on Wednesday, July 31st. Scotiabank analyst B. Isaacson anticipates that the specialty chemicals company will post earnings of $0.51 per share for the quarter. Scotiabank has a “Sector Outperform” rating and a $60.00 price target on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.22 per share.

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

Several other equities analysts have also recently weighed in on the company. 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 Thursday, August 1st. UBS Group reduced their price objective on Methanex from $64.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group raised their price objective on shares of Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.63.

Methanex Stock Up 1.7 %

MEOH stock opened at $42.20 on Monday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 17.88 and a beta of 1.39. The company has a 50-day moving average of $49.22 and a two-hundred day moving average of $47.67. Methanex has a 52-week low of $38.31 and a 52-week 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 0.85.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.75%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Trading of Methanex

Several institutional investors have recently made changes to their positions in MEOH. O Shaughnessy Asset Management LLC lifted its holdings in shares of Methanex by 0.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock valued at $1,769,000 after acquiring an additional 229 shares during the period. Pinnacle Associates Ltd. boosted its position in Methanex by 1.8% in the first quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock valued at $986,000 after buying an additional 393 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Methanex by 3.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock worth $622,000 after buying an additional 411 shares during the last quarter. Cerity Partners LLC grew its stake in Methanex by 3.6% during the fourth quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock worth $666,000 after buying an additional 492 shares during the last quarter. Finally, Value Partners Investments Inc. increased its holdings in shares of Methanex by 13.3% during the second quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after buying an additional 599 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.