Methanex Co. (NASDAQ:MEOH) Forecasted to Earn Q2 2024 Earnings of $0.58 Per Share

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Scotiabank lowered their Q2 2024 EPS estimates for Methanex in a research note issued on Wednesday, July 10th. Scotiabank analyst B. Isaacson now forecasts that the specialty chemicals company will post earnings per share of $0.58 for the quarter, down from their previous estimate of $0.60. Scotiabank currently 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.

Other research analysts have also issued research reports about the stock. UBS Group increased their price target on shares of Methanex from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday. 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 report on Monday, June 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a report on Friday, June 28th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.

Methanex Stock Performance

NASDAQ:MEOH opened at $50.43 on Thursday. Methanex has a 12-month low of $38.31 and a 12-month high of $56.43. The company has a quick ratio of 0.85, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $3.40 billion, a PE ratio of 21.37 and a beta of 1.39. The firm has a 50-day moving average price of $50.38 and a 200 day moving average price of $47.39.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.35. Methanex had a net margin of 4.63% and a return on equity of 5.38%. The firm had revenue of $916.00 million during the quarter, compared to analyst estimates of $908.50 million.

Institutional Trading of Methanex

Hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC grew its stake in shares of Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after purchasing an additional 700 shares during the last quarter. Larson Financial Group LLC bought a new stake in shares of Methanex during the first quarter valued at approximately $45,000. U S Global Investors Inc. bought a new stake in shares of Methanex during the first quarter valued at approximately $178,000. Citigroup Inc. boosted its stake in Methanex by 40.2% in the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after acquiring an additional 1,158 shares during the last quarter. Finally, Ausbil Investment Management Ltd bought a new position in Methanex in the fourth quarter valued at approximately $195,000. 73.49% of the stock is owned by institutional investors.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.185 per share. The ex-dividend date was Friday, June 14th. This represents a $0.74 annualized dividend and a dividend yield of 1.47%. 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.