Methanex Co. (NASDAQ:MEOH) Forecasted to Post Q1 2024 Earnings of $0.39 Per Share

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

Several other equities research analysts have also recently issued reports on the company. Barclays lifted their target price on Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. Raymond James reduced their target price on Methanex from $67.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, February 21st. CIBC boosted their price objective on Methanex from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price objective on shares of Methanex in a research note on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $50.00 price objective on shares of Methanex in a research note on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and an average target price of $53.50.

Get Our Latest Analysis on MEOH

Methanex Trading Up 5.8 %

Shares of MEOH stock opened at $48.68 on Tuesday. Methanex has a 12-month low of $38.18 and a 12-month high of $49.48. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.84. The stock’s 50-day moving average price is $44.57 and its 200-day moving average price is $44.13. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 19.79 and a beta of 1.50.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Citigroup Inc. boosted its position in shares of Methanex by 40.2% during the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after buying an additional 1,158 shares during the period. Ausbil Investment Management Ltd purchased a new position in shares of Methanex during the fourth quarter valued at approximately $195,000. American Century Companies Inc. boosted its position in shares of Methanex by 11.2% during the third quarter. American Century Companies Inc. now owns 317,575 shares of the specialty chemicals company’s stock valued at $14,312,000 after buying an additional 31,950 shares during the period. Quantbot Technologies LP boosted its holdings in shares of Methanex by 356.3% in the third quarter. Quantbot Technologies LP now owns 17,583 shares of the specialty chemicals company’s stock valued at $792,000 after purchasing an additional 13,730 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Methanex in the third quarter valued at approximately $712,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given 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 1.52%. Methanex’s dividend payout ratio (DPR) is presently 30.08%.

Methanex Company Profile

(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.

See Also

Earnings History and Estimates for Methanex (NASDAQ:MEOH)

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