Q1 2024 EPS Estimates for Methanex Co. Increased by Raymond James (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Research analysts at Raymond James lifted their Q1 2024 earnings estimates for shares of Methanex in a research report issued on Tuesday, April 16th. Raymond James analyst S. Hansen now anticipates that the specialty chemicals company will post earnings of $0.27 per share for the quarter, up from their previous estimate of $0.19. Raymond James currently has a “Outperform” rating and a $62.00 target price on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.15 per share. Raymond James also issued estimates for Methanex’s Q2 2024 earnings at $0.70 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $2.79 EPS and FY2025 earnings at $5.65 EPS.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.28 by $0.24. The business had revenue of $922.00 million during the quarter, compared to analyst estimates of $901.21 million. Methanex had a net margin of 4.67% and a return on equity of 6.71%.

Other analysts also recently issued reports about the stock. Piper Sandler reissued a “neutral” rating and issued a $50.00 target price on shares of Methanex in a research report on Thursday, March 7th. Barclays increased their price target on shares of Methanex from $53.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, February 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price target on shares of Methanex in a report on Wednesday, April 3rd. CIBC increased their price target on shares of Methanex from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, UBS Group raised shares of Methanex from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a report on Thursday, February 8th. Four investment 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.50.

Methanex Stock Up 0.4 %

Methanex stock opened at $47.06 on Thursday. The firm has a market cap of $3.17 billion, a PE ratio of 19.13 and a beta of 1.50. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.81 and a current ratio of 1.14. The firm’s 50 day moving average price is $45.33 and its two-hundred day moving average price is $44.53. Methanex has a twelve month low of $38.18 and a twelve month high of $51.42.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. FIL Ltd lifted its stake in 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 buying an additional 346,475 shares in the last quarter. Wellington Management Group LLP increased its position in Methanex by 15.2% during the 4th quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after purchasing an additional 599,778 shares during the period. Vanguard Group Inc. increased its position in Methanex by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock valued at $115,745,000 after purchasing an additional 425,104 shares during the period. Mackenzie Financial Corp increased its position in Methanex by 60.7% during the 1st quarter. Mackenzie Financial Corp now owns 1,631,060 shares of the specialty chemicals company’s stock valued at $89,072,000 after purchasing an additional 616,146 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. grew its position in shares of Methanex by 5.3% during the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,066,683 shares of the specialty chemicals company’s stock worth $47,589,000 after buying an additional 53,219 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Wednesday, March 13th. Methanex’s dividend payout ratio is 30.08%.

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.