Equities Analysts Issue Forecasts for Methanex Co.’s Q1 2024 Earnings (NASDAQ:MEOH)

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

Several other brokerages also recently issued reports on MEOH. Piper Sandler reissued a “neutral” rating and issued a $50.00 price target on shares of Methanex in a report on Thursday, March 7th. Raymond James lowered their price target on Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 21st. CIBC boosted their target price on Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. TheStreet upgraded Methanex from a “c” rating to a “b-” rating in a report on Thursday, January 11th. Finally, Barclays raised their price objective on Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.50.

Check Out Our Latest Stock Report on Methanex

Methanex Trading Up 2.6 %

NASDAQ:MEOH traded up $1.14 on Tuesday, hitting $45.76. 612,917 shares of the stock were exchanged, compared to its average volume of 281,090. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.84. Methanex has a fifty-two week low of $38.18 and a fifty-two week high of $49.48. The stock has a market cap of $3.08 billion, a PE ratio of 18.56 and a beta of 1.51. The stock has a fifty day moving average of $44.49 and a 200-day moving average of $44.06.

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

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.185 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.74 annualized dividend and a dividend yield of 1.62%. Methanex’s dividend payout ratio is presently 30.08%.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in shares of Methanex by 1,158.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,271 shares of the specialty chemicals company’s stock worth $53,000 after acquiring an additional 1,170 shares during the period. Lazard Asset Management LLC grew its stake in Methanex by 37.2% in the 1st quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 302 shares during the last quarter. State of Wyoming bought a new position in Methanex in the 4th quarter valued at about $92,000. Deutsche Bank AG acquired a new stake in Methanex during the fourth quarter worth approximately $101,000. Finally, Citigroup Inc. boosted its holdings in shares of Methanex by 43.3% during the second quarter. Citigroup Inc. now owns 2,884 shares of the specialty chemicals company’s stock worth $119,000 after acquiring an additional 871 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

About Methanex

(Get Free Report)

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.

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Earnings History and Estimates for Methanex (NASDAQ:MEOH)

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