Zacks: Brokerages Expect Methanex Co. (NASDAQ:MEOH) Will Post Quarterly Sales of $1.19 Billion

Wall Street analysts expect that Methanex Co. (NASDAQ:MEOHGet Rating) (TSE:MX) will post $1.19 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Methanex’s earnings, with estimates ranging from $1.09 billion to $1.30 billion. Methanex reported sales of $1.07 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.2%. The business is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Methanex will report full-year sales of $4.67 billion for the current year, with estimates ranging from $4.21 billion to $5.12 billion. For the next financial year, analysts expect that the business will post sales of $4.05 billion, with estimates ranging from $3.34 billion to $4.74 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Methanex.

Methanex (NASDAQ:MEOHGet Rating) (TSE:MX) last released its quarterly earnings results on Wednesday, April 27th. The specialty chemicals company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.16. Methanex had a net margin of 10.87% and a return on equity of 27.41%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year.

MEOH has been the subject of a number of research reports. Piper Sandler cut shares of Methanex from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $49.00 to $48.00 in a research note on Tuesday. Barclays lifted their target price on shares of Methanex from $60.00 to $63.00 in a research report on Monday, May 2nd. Tudor Pickering & Holt set a $44.00 target price on shares of Methanex and gave the stock a “hold” rating in a research note on Wednesday, January 26th. StockNews.com downgraded shares of Methanex from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 5th. Finally, Alembic Global Advisors restated a “hold” rating and set a $40.00 price objective on shares of Methanex in a report on Monday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $52.23.

Shares of MEOH stock opened at $46.46 on Friday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 7.32 and a beta of 1.71. Methanex has a 12-month low of $29.61 and a 12-month high of $56.79. The firm has a fifty day moving average of $52.80 and a 200-day moving average of $47.60. The company has a quick ratio of 1.82, a current ratio of 2.28 and a debt-to-equity ratio of 0.93.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Wednesday, June 15th. This represents a $0.58 dividend on an annualized basis and a yield of 1.25%. This is a positive change from Methanex’s previous quarterly dividend of $0.13. Methanex’s payout ratio is 7.87%.

Hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp increased its holdings in Methanex by 64.7% during the 1st quarter. Van ECK Associates Corp now owns 779 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 306 shares during the period. Quadrant Capital Group LLC increased its stake in Methanex by 9.7% in the 4th quarter. Quadrant Capital Group LLC now owns 3,846 shares of the specialty chemicals company’s stock valued at $152,000 after purchasing an additional 339 shares in the last quarter. US Bancorp DE increased its position in Methanex by 10.3% during the third quarter. US Bancorp DE now owns 5,047 shares of the specialty chemicals company’s stock worth $233,000 after buying an additional 472 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Methanex during the first quarter worth $27,000. Finally, BlackRock Inc. boosted its holdings in Methanex by 0.4% in the third quarter. BlackRock Inc. now owns 157,163 shares of the specialty chemicals company’s stock valued at $7,236,000 after acquiring an additional 552 shares during the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.

Methanex Company Profile (Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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