Scotiabank Has Bullish Estimate for Methanex FY2024 Earnings

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Research analysts at Scotiabank boosted their FY2024 earnings per share estimates for shares of Methanex in a research note issued on Wednesday, January 8th. Scotiabank analyst B. Isaacson now forecasts that the specialty chemicals company will post earnings of $3.56 per share for the year, up from their previous estimate of $2.53. The consensus estimate for Methanex’s current full-year earnings is $3.11 per share.

Several other equities research analysts have also recently commented on MEOH. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Monday, January 6th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Piper Sandler increased their price target on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Barclays lifted their price objective on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, UBS Group cut their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and an average target price of $57.25.

Methanex Stock Performance

Methanex stock opened at $47.71 on Friday. The stock’s 50 day moving average price is $46.19 and its 200 day moving average price is $44.80. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The firm has a market capitalization of $3.22 billion, a PE ratio of 22.29 and a beta of 1.37. Methanex has a one year low of $36.13 and a one year high of $56.43.

Hedge Funds Weigh In On Methanex

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after purchasing an additional 1,203 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Methanex in the 3rd quarter valued at approximately $1,092,000. Point72 Asset Management L.P. grew its position in shares of Methanex by 1,495.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after purchasing an additional 130,127 shares during the period. Toronto Dominion Bank grew its position in shares of Methanex by 19.6% in the 2nd quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock valued at $1,604,000 after purchasing an additional 5,451 shares during the period. Finally, Millennium Management LLC grew its position in shares of Methanex by 13.0% in the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after purchasing an additional 58,719 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.185 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.55%. Methanex’s dividend payout ratio is presently 34.58%.

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.