Q3 2024 EPS Estimates for Methanex Co. (NASDAQ:MEOH) Increased by Analyst

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Analysts at Scotiabank lifted their Q3 2024 earnings estimates for shares of Methanex in a research note issued on Tuesday, September 10th. Scotiabank analyst B. Isaacson now forecasts that the specialty chemicals company will post earnings per share of $0.55 for the quarter, up from their prior forecast of $0.51. Scotiabank currently has a “Sector Outperform” rating and a $60.00 target price on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.46 per share. Scotiabank also issued estimates for Methanex’s Q4 2024 earnings at $0.81 EPS, Q1 2025 earnings at $0.87 EPS, Q3 2025 earnings at $0.75 EPS and Q4 2025 earnings at $0.87 EPS.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 EPS.

Several other equities analysts also recently weighed in on the stock. Piper Sandler raised their target price on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group raised their target price on shares of Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 10th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. UBS Group dropped their target price on shares of Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Finally, Raymond James dropped their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.88.

Methanex Stock Performance

NASDAQ:MEOH opened at $37.74 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $45.50 and a two-hundred day moving average price of $47.28. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43. The company has a market capitalization of $2.54 billion, a P/E ratio of 15.99 and a beta of 1.36.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.185 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 1.96%. Methanex’s dividend payout ratio is presently 31.36%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC raised its holdings in Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after buying an additional 700 shares during the period. Larson Financial Group LLC purchased a new position in Methanex in the first quarter valued at approximately $45,000. Blue Trust Inc. raised its holdings in Methanex by 52,500.0% in the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after buying an additional 1,575 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after buying an additional 1,626 shares during the period. Finally, U S Global Investors Inc. purchased a new position in Methanex in the first quarter valued at approximately $178,000. 73.49% of the stock is 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.