Q1 2024 Earnings Forecast for Methanex Co. (NASDAQ:MEOH) Issued By Scotiabank

Methanex Co. (NASDAQ:MEOHFree Report) (TSE:MX) – Equities researchers at Scotiabank dropped their Q1 2024 EPS estimates for Methanex in a note issued to investors on Monday, April 1st. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings per share of $0.39 for the quarter, down from their previous forecast of $0.50. The consensus estimate for Methanex’s current full-year earnings is $2.24 per share.

Methanex (NASDAQ:MEOHGet Free Report) (TSE:MX) last posted its quarterly earnings data on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.24. The business had revenue of $922.00 million for the quarter, compared to the consensus estimate of $901.21 million. Methanex had a net margin of 4.67% and a return on equity of 6.71%.

Other equities research analysts have also recently issued reports about the stock. CIBC increased their target price on shares of Methanex from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Raymond James cut their price objective on shares of Methanex from $67.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, February 21st. Barclays raised their price objective on shares of Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, February 12th. TheStreet upgraded shares of Methanex from a “c” rating to a “b-” rating in a research report on Thursday, January 11th. Finally, UBS Group upgraded shares of Methanex from a “neutral” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, February 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Methanex has a consensus rating of “Moderate Buy” and an average price target of $53.50.

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Methanex Price Performance

Shares of NASDAQ MEOH opened at $46.00 on Tuesday. The firm has a 50-day simple moving average of $44.50 and a 200-day simple moving average of $44.10. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 18.70 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 0.84. Methanex has a 52 week low of $38.18 and a 52 week high of $49.48.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FIL Ltd boosted its stake in shares of Methanex by 4.9% in the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after purchasing an additional 346,475 shares during the period. Wellington Management Group LLP lifted its stake in Methanex by 15.2% in the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after acquiring an additional 599,778 shares during the last quarter. Vanguard Group Inc. lifted its stake in Methanex by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock worth $115,745,000 after acquiring an additional 425,104 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Methanex by 60.7% in the first quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock worth $89,072,000 after acquiring an additional 616,146 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Methanex by 1.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,050,158 shares of the specialty chemicals company’s stock worth $47,323,000 after acquiring an additional 10,824 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Wednesday, March 13th. Methanex’s payout ratio is 30.08%.

Methanex Company Profile

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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.

See Also

Earnings History and Estimates for Methanex (NASDAQ:MEOH)

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